Overview
- Blundy’s letter calls for removing longtime chair Donna James and adding him to the board, arguing the company needs stronger shareholder oversight.
- BBRC holds about 12.9% of Victoria’s Secret, making it the second-largest shareholder, and warned it will seek to replace directors at the next annual meeting if talks stall.
- Victoria’s Secret says it has engaged extensively with BBRC, invited Blundy to present in late September, and is conducting additional due diligence on his potential appointment.
- The board cites conflicts, including Blundy’s launch of lingerie brand Léays, and potential reputational and legal risks tied to BBRC-affiliated entities.
- The stock fell roughly 2% in early trading after reports of the letter, as investors weighed the prospect of a proxy fight and further governance changes.