(Reuters) -Lingerie maker Victoria’s Secret’s major shareholder, BBRC International, on Tuesday called for the removal of Chair Donna James and requested a board seat for its founder Brett Blundy.
Victoria’s Secret shares fell about 2% in early trading after The Wall Street Journal first reported on the letter to investors from the private investment firm’s founder and Australian billionaire.
The company did not respond to a Reuters request for comment.
BBRC, an investor in Victoria’s Secret since 2022, has been advocating for board changes over the past two years.
The investment firm holds about 12.9% of Victoria’s Secret’s shares, making it the company’s second-largest investor, according to LSEG data.
In May, after Blundy’s firm further increased its stake, Victoria’s Secret adopted a shareholder rights plan.
Blundy said in the letter, which is now publicly available, that his appointment would fill “key gaps and boost market confidence”.
“Absent the Board reevaluating its posture and demonstrating a genuine willingness to engage in good faith, BBRC intends to replace directors at next year’s annual meeting of stockholders – if not sooner,” Blundy wrote.
In June, activist investor and New York-based hedge fund Barington Capital Group also pushed the company to alter its board and end the “poison pill” plan.
(Reporting by Chandni Shah in Bengaluru; Editing by Vijay Kishore)
Comments