BBRC International PTE Limited, which owns approximately 13% of Victoria's Secret & Co. (NYSE: VSCO), released a presentation calling on shareholders to vote against Chair Donna James at the company's June 11 annual meeting.

The investment firm filed a definitive proxy statement with the Securities and Exchange Commission detailing its opposition to James' reelection. BBRC cited what it described as value-destructive decisions during James' 25-year tenure overseeing Victoria's Secret and its predecessors.

According to the presentation, shareholder support for James has declined from 98.9% in 2022 to 72.4% in 2025. BBRC highlighted several issues during James' oversight, including a $90 million lawsuit related to ties between executives and Jeffrey Epstein, the $591 million acquisition of Adore Me against which the company recorded $155.9 million in impairments and restructuring charges, and a stock price decline of more than 70%.

Victoria's Secret has delivered total shareholder returns nearly 20 percentage points below the S&P 500 Consumer Discretionary Distribution & Retail Index since its 2021 spin-off, according to BBRC's analysis. The company's financial performance declined on key metrics from fiscal 2021 through fiscal 2025, including a 75.1% decrease in net income and 3.4% decrease in net sales.

BBRC stated it believes Victoria's Secret is on track to miss fiscal 2026 targets set at its 2023 Investor Day. The firm argued that a new board chair with operating experience could better support CEO Hillary Super's turnaround efforts.

The presentation noted that BBRC withdrew its nomination of Mariam Naficy, which it described as validating its case for board change.