BBRC’s 13% Stake Fuels Proxy Fight to Unseat Two Victoria’s Secret Directors
Billionaire Brett Blundy’s BBRC International, the second-largest VSCO shareholder with a 13% stake, launched a proxy battle to unseat board chair Donna James and member Mariam Naficy at the June annual meeting. Blundy says these board changes will accelerate CEO Hillary Super’s turnaround after a 117% stock rally.
1. Proxy Battle Launch
BBRC International, controlled by billionaire Brett Blundy, filed a proxy challenge seeking to remove board chair Donna James and member Mariam Naficy at Victoria’s Secret & Co.’s June annual meeting. BBRC holds roughly 13% of the company, making it the second-largest shareholder.
2. Blundy’s Rationale
Blundy endorsed CEO Hillary Super’s strategy but argued that James and Naficy hamper capital allocation and oversight, labeling their removal as strategic “addition by subtraction.” He stated a reconfigured board would accelerate Super’s turnaround without disrupting ongoing improvements.
3. CEO’s Turnaround and Market Reaction
Since Super’s arrival in 2024, the company’s stock has jumped about 117%, and shares inched up 0.7% to $50.61 in after-hours trading following the proxy announcement. Blundy also highlighted the $591 million Adore Me acquisition, which failed to meet its performance-based earnout targets.