In a letter sent to Victoriaâs Secret Tuesday, Blundy, the founder of investment firm BBRC International Pte, called for the removal of board chair Donna James and the appointment of a new independent chair.
âWe believe the most direct route to maximise value is to add stockholder perspectives to the boardroom and improve corporate governance,â Blundy wrote.
BBRC holds about 12.9 percent of Victoriaâs Secret shares.
Victoriaâs Secret stock was down 0.8 percent at 9:58 a.m. in New York Tuesday, giving the company a market value of about $2.9 billion. The shares have fallen around 14 percent this year.
Blundy said BBRC had made numerous attempts in the last two years to approach the Victoriaâs Secret board about ways to improve corporate governance. But he said the company hadnât engaged in meaningful dialogue.
âThe boardâs defensive posture only serves to validate our concern that objective oversight and a stockholderâs perspective are needed in the boardroom,â Blundy wrote.
A representative for Victoriaâs Secret didnât immediately respond to request for comment. The Wall Street Journal reported on BBRCâs letter earlier Tuesday.
In May, Reynoldsburg, Ohio-based Victoriaâs Secret adopted a poison pill plan after BBRC built up its substantial stake. BBRC later criticised âdisastrous board-level decisionsâ at the company. In June, a second investor, Barington Capital Group, emerged seeking a shake-up of the business.
By Lily Meier, Liana Baker
Learn more:
Victoriaâs Secret Is Desperate to Learn How to Sell Bras Again
The retailer lost its cultural cachet and the faith of investors. CEO Hillary Super has a plan to win it all back.
