The Australian billionaire Brett Blundy is looking to remove two of the company’s board members, including chair Donna James.The Australian billionaire Brett Blundy is looking to remove two of the company’s board members, including chair Donna James.
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George Chinsee
Victoria’s Secret & Co.’s board of directors is closing ranks, fending off Brett Blundy’s effort to oust chair Donna James and director Mariam Naficy.
Blundy’s BBRC International, which ranks as Victoria’s Secret’s second-largest shareholder with a 13 percent stake, took his case for a board shake-up to other investors on Monday, teeing up a proxy battle due to take place at the company’s annual meeting in June.
“The board is unanimous in its support of the directors BBRC has chosen to target,” according to a statement released by the company. “Board chair Donna James and Mariam Naficy have contributed meaningfully to establishing and overseeing the company’s Path to Potential strategy and provide valuable expertise and perspective as the company continues to execute it.”
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The Path to Potential strategic plan was put into place by chief executive officer Hillary Super, who joined the retailer at a low point in September 2024.
But the strategy seems to be gaining traction and shareholders have seen a 164 percent return since Super joined, outperforming competitors, according to the statement.
The board said “its number-one priority is to continue driving this momentum” and added that Blundy’s “distracting” proxy battle appears to be in response to their decision to not accept him into their ranks.
“Most recently, in November 2025, the board rejected his candidacy after concluding that his appointment would introduce serious reputational, legal, conflict of interest and governance risks, threatening the progress the company has made and its path forward,” the statement said.
Blundy, who tried to buy Victoria’s Secret before it was spun off as an independent company in 2021, has been vocal in his complaints over the firm’s performance for years.
The Australian billionaire entrepreneur has been supportive of the company’s recent change in direction, and said in an open letter to shareholders on Monday that, “Ms. Super is building a new VS. She deserves a board that matches her ambition.”
“Months of turnaround do not make up for years of underperformance,” Blundy said.
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