Columbus, Ohio Express said Tuesday that it has accepted the resignations of two board members, both former Limited executives.
Following Express’s May debut on the New York Stock Exchange, fewer remnants of the former parent company remain. Business First of Columbus reported that Timothy Faber, senior VP and treasurer of Limited Brands, and Jennie Wilson, senior VP finance at Limited Brands, both resigned “as part of a natural succession process to add more independent directors to the board and to recognize Limited Brands’ reduced ownership and involvement in the business,” Express said.
In 2007, Limited sold a majority stake in Express to San Francisco-based Golden Gate Capital. Express went on to complete a $163 million initial public offering this year, though Limited continues to hold an 18% stake in the company.
Limited has said it plans to shed its remaining stake in Express but hasn’t specified when.
In conjunction with the dual resignations, Express added Mylle Mangum, CEO of Atlanta-based IBT Holdings, to its board.