Victoria's Secret Board Defeats Billionaire Brett Blundy's Proxy Challenge
Victoria's Secret shareholders reelected all nine board members, including chair Donna James, defeating billionaire Brett Blundy's campaign to oust her and gain board seats. Blundy's investment firm BBRC International, which holds a 13% stake, had sought to replace four board members with his nominees. The decisive vote—with James receiving over 99% support from non-Blundy shareholders—represents a major loss for the activist investor and affirms shareholder confidence in current leadership.
At its annual shareholder meeting on June 11, 2026, Victoria's Secret successfully defended its board against a proxy contest launched by Australian billionaire Brett Blundy. All nine incumbent directors were reelected, with board chair Donna James receiving overwhelming support from shareholders excluding Blundy's BBRC International. Blundy had sought to remove James and three other board members while installing himself and three additional nominees. The company's board had previously rejected Blundy's bid, citing alleged violations of US securities laws, conflicts of interest, and concerns about his track record with executive hiring. The decisive shareholder vote represents a significant victory for management and reflects investor confidence in the company's "Path to Potential" strategy and the board's stewardship.
How coverage differed
Both outlets report the core facts neutrally, though the Sydney Morning Herald provides more detail on the board's specific objections to Blundy (securities law violations, conflicts of interest, hiring concerns) and emphasizes his status as a "reclusive" billionaire, while Bloomberg focuses more concisely on the voting outcome and Blundy's loss.
What different sources said
- Sydney Morning HeraldCenter
Victoria’s Secret fends off reclusive Aussie billionaire
- BloombergCenter
Victoria’s Secret Board Wins Shareholders Approval
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