Overview
- Victoria’s Secret filed a supplemental proxy that explains its November decision to reject Brett Blundy’s bid for a board seat.
- The board points to reputational risk tied to what it says is Blundy’s pattern of hiring executives with past harassment allegations, and flags a conflict because his company Léays markets lingerie and beauty products.
- The filing alleges a senior BBRC adviser misrepresented an affiliation to enter stores and obtain sales data, and says Blundy later agreed to destroy the information.
- BBRC, which owns about 13% of the company, is urging shareholders to withhold votes from chair Donna James and director Mariam Naficy at the June annual meeting, and Naficy says she will not seek re-election due to other commitments and the time the contest requires.
- A shareholder-rights plan adopted after BBRC built its stake is set to expire later this month, which could change defensive options before the vote.