Billionaire Blundy calls for board change at Victoria’s Secret

Australian billionaire Brett Blundy is pushing for changes to the board of Victoria’s Secret & Co. after accusing the lingerie retailer of failing to engage on steps to improve shareholder value. 

In a letter sent to Victoria’s 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.

“We believe the most direct route to maximise value is to add stockholder perspectives to the boardroom and improve corporate governance,” Blundy wrote.

BBRC holds about 12.9% of Victoria’s Secret shares. Victoria’s Secret stock is down roughly 13% this year, giving the company a market value of $2.9 billion. 

Blundy said BBRC had made numerous attempts in the last two years to approach the Victoria’s Secret board about ways to improve corporate governance. But he said the company hadn’t engaged in meaningful dialogue.

“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 wrote.

A representative for Victoria’s Secret didn’t immediately respond to request for comment. The Wall Street Journal reported on BBRC’s letter earlier Tuesday.