Overview
- In a public letter, Brett Blundy urged the removal of Chair Donna James and requested his own appointment to the board.
- BBRC warned it will move to replace directors at the next annual meeting if the board does not engage in good faith.
- The investor holds about 12.9% of Victoria’s Secret shares, making it the company’s second-largest shareholder, according to LSEG.
- Victoria’s Secret put a shareholder rights plan in place in May after BBRC increased its stake.
- Shares fell about 2% in early trading after reports of the letter, and a separate activist, Barington Capital Group, has also pressed for board changes and an end to the poison pill.