A major investor in Victoria’s Secret urged the flailing lingerie maker in a letter Tuesday to shake up its board – attacking the current chair as “over-tenured” with a “stale perspective.”

BBRC International – which owns a nearly 13% stake in Victoria’s Secret, making it the second-largest shareholder – is calling for longtime Chair Donna James to be fired and asking for a board seat for its founder, Australian billionaire Brett Blundy.

The private equity firm started building its stake in 2022 and has been privately pushing for changes since last year, according to the letter sent Tuesday to members of the board.

“Absent the board re-evaluating its posture and demonstrating a genuine willingness to engage in good faith, BBRC intends to replace directors at next year’s annual meeting o

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