Slowness issue with macro code (adding sheets in excel 2013)

Hi, I am trying to run a macro in excel 2013 but it is very slow. It runs way faster (30 secs) on my PC with Excel 2007 but takes around 10 mins to run on my dell latitude i5 8GB ram laptop. Everything works fine except a code which is adding sheets. Excel 2013 hangs while adding sheets in a loop (For lp = 1 To r2 Step 1
Sheets.Add(After:=Sheets(Sheets.Count)).Name = Worksheets("Opportunity Owners").Cells(lp, 1).Text

Application.Wait (Now + TimeValue("0:00:05"))

Next lp). Please let me what are the possible solutions. Thanks in advance!

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Hi, Sorry for the late response.
Lets forget rest of the code for a while. I have found out that adding sheets in excel in general is causing problems. If I try to add sheets one by one, after 10 or 15 sheets it starts causing slowness. i was previously working with Excel 2010 but never had such issue. This is only with the 2013 version. What can bet the cause of the issue and how do I resolve it?

Thanks,
Vibhor