Overview
- BBRC International filed a proxy challenge seeking to remove chair Donna James and director Mariam Naficy at Victoria’s Secret’s June annual meeting.
- Led by Australian investor Brett Blundy, BBRC holds a 13 percent stake in the company, making it the second-largest shareholder.
- Blundy backs CEO Hillary Super and argues new directors would speed the brand’s turnaround rather than disrupt it.
- He faults years of value loss after the 2021 spin-off, cites James’s 25-year board tenure, and points to a slow move to replace the prior CEO.
- He singles out the $591 million Adore Me purchase as missing profit and sales goals with no performance-based earnout owed, and notes shares ticked up about 0.7 percent after news of the challenge.