Victoria’s Secret Board Opposes BBRC’s 13% Stakeholder Proxy Battle
Victoria’s Secret board unanimously backed chair Donna James and director Mariam Naficy against BBRC International’s effort to replace them despite its 13% stake. Shareholders have gained a 164% return since CEO Hillary Super launched the Path to Potential strategy in September 2024.
1. Board Defends Leadership
Victoria’s Secret & Co. directors closed ranks to protect chair Donna James and director Mariam Naficy after BBRC International, the company’s second-largest shareholder with a 13% stake, sought their removal.
2. Proxy Battle Timeline
BBRC’s case for a board shake-up will be decided at the annual meeting in June, following the board’s prior rejection of Brett Blundy’s candidacy in November 2025.
3. Strategic Plan Results
Since CEO Hillary Super implemented the Path to Potential plan in September 2024, shareholders have seen a 164% return, outperforming peers in the apparel retail sector.
4. Board's Rejection Rationale
The board concluded that adding Blundy would introduce reputational, legal, conflict of interest and governance risks that could threaten the company’s ongoing turnaround momentum.