Australian billionaire Brett Blundy wages high-stakes campaign to oust chair of Victoria’s Secret
Summary
Australian billionaire Brett Blundy is trying to remove the long-term chair of Victoria’s Secret, Donna James, at the company’s annual meeting in the US. Blundy’s investment firm owns about 13% of the company and is pushing for changes after a years-long disagreement over the company’s strategy and governance.Key Facts
- Brett Blundy’s firm, BBRC International, owns roughly 13% of Victoria’s Secret, making it the second-largest shareholder.
- Blundy wants to remove Donna James, the current long-term chair, and another director from the board.
- Blundy has been pushing for changes at Victoria’s Secret since 2021 but has not been appointed to the board.
- Victoria’s Secret rejected Blundy’s requests due to concerns about reputational risk related to his other business interests.
- The company has a “poison pill” plan, which allows current shareholders to buy more shares if any investor tries to buy over 15%, to prevent hostile takeovers.
- Proxy advisory firms supporting the board say the company’s performance has improved since its spin-off in 2021.
- Blundy claims shareholders have lost value due to poor decisions and lack of oversight by the current board.
- The annual shareholder vote is scheduled for Thursday at 8:30 a.m. Eastern Time (10:30 p.m. Australian Eastern Standard Time).
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