BBRC International Pushes for Leadership Change at Victoria’s Secret (VSCO)

Market Cap: $2.8 billion | Victoria's Secret & Co. operates as a specialty retailer of women's intimate, and other apparel and beauty products worldwide.

On June 9, 2025, BBRC International (12.9%) urged the Board to address sustained value destruction, including a 64.1% decline in total shareholder returns, over one billion dollars lost through poor share buybacks and the Adore Me acquisition, insufficient board independence with concerns over director nominations, lack of accountability for failed strategic decisions, and excessive tenure of Chair Donna James. BBRC called for immediate governance changes and substantive responses during the June 11 earnings call, emphasizing the need for a refreshed Board and a focus on delivering shareholder value. Source

On November 4, 2025, BBRC International released a letter criticizing the company’s board for resisting engagement and lacking effective governance. BBRC called for the removal of long-tenured Board Chair Donna James, citing her 22 years of service and “stale perspective,” and urged the appointment of a new, independent chair and a stockholder representative—specifically BBRC’s founder, Brett Blundy—to strengthen oversight and align the board with shareholders. The firm expressed concern over weak board skills in capital allocation, M&A, and cybersecurity, and noted minimal insider ownership among directors. After months of unsuccessful attempts to engage, BBRC warned it may seek to replace directors at the next annual meeting if the board continues its defensive stance.