Thursday, April 09, 2009

Wexner's Dangerous Job as CEO of Limited Brands

Could someone inform the Board of Directors at Limited Brands (LTD-$10.25) that the “global war on terror” is over? Since 2005, shareholders at the specialty retailer, which operates Victoria's Secret and Bath & Body Works stores, have paid for security services provided to Chief Executive Leslie Wexner and his family. Although the 10Q Detective acknowledges the instrumental role that Wexner has played in the growth of the company he founded back in 1963, spending $1.0 million annually on protective services is absurd. In regulatory filings, the Board has said: “We require these security measures for our benefit and believe these security costs are appropriate given the risks associated with Mr. Wexner’s role and position.” [Ed. note. By comparison, DJ O'Reilly, CEO of oil giant Chevron, charged to the company $978 for home security costs in 2008.]

Leadership is an opportunity to serve. It is not a trumpet call to self-importance. ~ Spiritual leader Swami Kriyananda (born J. Donald Walters, 1926)

Enough! Is the company afraid that some of the women alleging that Victoria's Secret
bras gave them rashes and other skin problems might fling sexy underwear at Wexner?

Editor David J Phillips does not hold a financial interest in any stocks mentioned in this article. The 10Q Detective has a Full Disclosure Policy.

1 comment:

Anonymous said... and your family members are not on the receiving end of, what we can assume must be the odd threatening email or letter from members of the religious right and/or terrorist org's whose ideology includes the burquha. The writings received from the followers of any fundamentalist ideology should be taken seriously.