Victoria’s Secret’s second-largest shareholder, BBRC International, is urging investors to vote against the reelection of board chair Donna James and director Mariam Naficy at the company’s June annual meeting. Holding a 13% stake, BBRC argues that James’ 25-year tenure hinders independent leadership and has contributed to strategic failures. The firm also criticized Naficy’s oversight of the Adore Me acquisition, which it claims has failed to meet financial targets. Despite recent share price improvements, billionaire Brett Blundy maintains that a leadership refresh is essential for CEO Hillary Super to achieve long-term recovery, asserting that prolonged board service is incompatible with the impartial guidance the retailer currently needs.

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