Bath & Body Works chief executive Andrew Meslow will get a $7 million payout as he resigns next week due to health reasons, the company revealed in a government filing.
Meslow, 50, has led the chain since May 2020 and has held senior positions at the company for 16 years. He is also a member of the board and is resigning as a director next week, as well.
The filing did not disclose the nature of Meslow’s health issues.
The soaps-and-lotions chain revealed the CEO’s exit in February, but a Wednesday securities filing spelled out the terms of his separation, which extends his non-compete agreement to 24 months from 12 months in exchange for a $7 million payout over 24 months and company-paid health coverage over the next two years.
In August the Cincinnati-based chain split off from L Brands and became a separate company as did sister company, Victoria’s Secret.
“It has been an honor and a privilege to lead this great company as CEO and be a part of the organization for nearly two decades,” Meslow said in a statement in Februrary. “After much consideration and many discussions with my family, I have decided to step down as CEO so that I can focus on my health.”
Meslow’s agreement will become effective at the conclusion of the annual meeting on May 12, spokesperson Tammy Roberts told The Post.
Bath & Body Works has been a retail darling for years and was especially relevant during the height of the pandemic because of its hand sanitizers and soaps.
Shares of the company were down 1.5% to about $54 on Thursday morning.
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