Billionaire Brett Blundy Demands Board Overhaul at Victoria’s Secret
Australian billionaire Brett Blundy, founder of investment firm BBRC International Pte, is advocating for changes to the board of Victoria’s Secret & Co., criticizing the lingerie retailer for neglecting shareholder interests.
Call for Leadership Change
In a letter sent to Victoria’s Secret on Tuesday, Blundy requested the removal of board chair Donna James and the installation of a new independent chair to enhance governance and shareholder representation.
“We believe the most direct route to maximise value is to add stockholder perspectives to the boardroom and improve corporate governance,” Blundy wrote.
Shareholding and Stock Performance
- BBRC holds approximately 12.9% of Victoria’s Secret shares.
- Victoria’s Secret stock was down 0.8% at 9:58 a.m. in New York on Tuesday.
- The company’s market value stood near $2.9 billion, with shares declining about 14% so far this year.
Governance Concerns and Board Interaction
Blundy stated that over the past two years, BBRC has repeatedly tried to engage Victoria’s Secret’s board on governance improvements, but the company has not meaningfully responded.
“The board’s defensive posture only serves to validate our concern that objective oversight and a stockholder’s perspective are needed in the boardroom,” Blundy said.
Company Response and Background
Victoria’s Secret did not immediately reply to requests for comment. The Wall Street Journal covered BBRC’s letter earlier on Tuesday.
In May, Victoria’s Secret, based in Reynoldsburg, Ohio, implemented a poison pill plan following BBRC’s accumulation of a significant stake in the company.
Summary: Brett Blundy urges Victoria’s Secret to revamp its board to better represent shareholders and improve corporate governance amid declining stock value and unresponsive leadership.