L Brands founder Leslie Wexner is stepping down as CEO and chairman of L Brands, the company announced Thursday morning. The company said it had sold a majority stake in Victoria’s Secret — valued at $1.1 billion — to private-equity firm Sycamore Partners.

“With the news of my business transition, I write to assure you that the work of our Foundation continues,” the businessman wrote in an email to the Wexner Foundation community, which was obtained by JI. Wexner thanked Foundation President Rabbi Elka Abrahamson and added that  the foundation’s “leadership initiatives are as strong as ever.”

Wexner noted that he had grown his family’s business, started with a $5,000 loan from a relative, “into a global enterprise.” Wexner has faced scrutiny over the past year for his close relationship with financier and convicted sex offender Jeffrey Epstein.