The shareholders of Victoria’s Secret have voted to re-elect all nine of the company’s director nominees, including chair Donna James, ending a multi-year row between Australian billionaire Brett Blundy and the global lingerie retailer.
Victoria's Secret and BBRC – Blundy’s investment business – have engaged in discussions, including over 90 interactions and two full reviews of Blundy’s candidacy for the board.
Blundy, through BBRC, owns a 13 per cent stake in Victoria’s Secret.
Earlier this year, BBRC launched a campaign to oust chair Donna James and board member Mariam Naficy over issues of governance, with BBRC claiming Victoria’s Secret’s board’s interests are not aligned with shareholders “because of its limited financial exposure to the decisions it makes.”
In its retort, Victoria’s Secret told shareholders that it has taken decisive action to put the company on a new growth trajectory, including with the appointment of Hillary Super as CEO in late 2024. BBRC, in its original letter, praised Super's work since joining the company.
Since announcing Super’s appointment, the company pointed out that it has delivered total shareholder returns of 164 per cent, outperforming the S&P 500 Consumer Discretionary Distribution & Retail Index by 124 per cent and the peers used by research analysts by 172 per cent.
“While the board is pleased with the strong progress in executing the company’s strategy, its number one priority is to continue driving this momentum.”
The company’s share price has also boomed in that time, growing from a low of US$16.17 in August 2024 to US$78.88 as of June 12, 2026. This included a 32 per cent jump in early June to a peak of just over US$80.00 after Victoria’s Secret announced all three independent proxy advisors – Institutional Shareholder Services (ISS), Glass Lewis & Co and Egan-Jones Proxy Services – recommended its shareholders vote for all nine of the company’s director nominees.
In the voting roundup, Victoria’s Secret noted that chair Donna James received the approval of over 99 per cent of the votes cast, excluding the votes cast by BBRC. As a percentage of all votes cast, James was re-elected with over 83 per cent approval.
Each of the company’s other director nominees received the approval of at least 96 per cent of the votes cast, excluding votes cast by BBRC, or at least 81 per cent of all votes cast.
Victoria’s Secret issued a statement, saying the outcome is a decisive statement of support for the current board.
“It also recognizes the substantial progress, outperformance and value creation delivered under the Path to Potential strategy and reaffirms shareholder confidence in our Board’s continued oversight of that strategy,” the company added.
“With strong momentum across the business, including recent first quarter 2026 results that significantly exceeded top- and bottom-line guidance, we are confident VS&Co is well positioned for long-term success.
“We appreciate the engagement and support of our shareholders and remain focused on executing our Path to Potential strategy and building on the progress we have achieved to date.”