Billionaire Brett Blundy Calls for Board Changes at Victoria’s Secret
Australian billionaire Brett Blundy is advocating for changes in the board of Victoria’s Secret & Co., criticizing the lingerie retailer for neglecting shareholder interests. In a letter sent Tuesday, Blundy, founder of investment firm BBRC International Pte, demanded the removal of board chair Donna James and the selection of a new independent chair.
“We believe the most direct route to maximise value is to add stockholder perspectives to the boardroom and improve corporate governance.” – Brett Blundy
Shareholding and Market Performance
BBRC holds approximately 12.9% of Victoria’s Secret shares. On the same day, the company’s stock dropped 0.8% to a market value near $2.9 billion, with shares down around 14% year-to-date.
Attempts to Engage the Board
Blundy stated that BBRC has made several efforts over the past two years to engage the Victoria’s Secret board on corporate governance improvements, but meaningful discussions have not occurred.
“The board’s defensive posture only serves to validate our concern that objective oversight and a stockholder’s perspective are needed in the boardroom.” – Brett Blundy
Company's Response and Background
- Victoria’s Secret had no immediate comment on the letter.
- The Wall Street Journal first reported BBRC’s letter on Tuesday.
- In May, Victoria’s Secret implemented a poison pill plan after BBRC acquired its significant stake.
Author's summary: Brett Blundy demands improved governance at Victoria’s Secret, urging board leadership change to better represent shareholders amid falling stock value.
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