L Brands Inc. stated that it is spinning off Victoria’s Secret to its existing shareholders, a coda in the company’s review process for the lingerie brand after longtime company leader Leslie Wexner stepped aside as chief executive last year. 

The move, which the company had indicated, will result in the lingerie chain and the faster growing Bath & Body Works operating as two publicly traded companies. It comes after the company’s board assessed the likelihood of either a spinoff or sale of Victoria’s Secret.

The Columbus, Ohio-based company stated that the separation would give each company financial adaptability. It stated that it expects the spinoff to succeed as tax-free to L Brands and its shareholders for US federal income-tax purposes.

L Brands Chief Executive Andrew Meslow will serve as CEO of Bath & Body Works after the spinoff. Victoria’s Secret CEO Martin Waters will continue leading the stand alone business after the separation.