Victoria’s Secret responds to BBRC investor’s board change request

Core Viewpoint - Victoria's Secret has responded to BBRC's public letter, emphasizing significant momentum under new CEO Hillary Super, with total shareholder returns of 89% since her appointment, outperforming the S&P 1500 Specialty Retail Index by 78% and peers by 91% [1] Group 1: BBRC's Position - BBRC claims to have attempted multiple times over the last two years to engage with the board regarding critical issues and potential solutions [2] - BBRC has initiated calls, meetings, and email exchanges with the board to communicate their views and address long-term problems with the company's direction [3] - BBRC seeks the removal of the long-tenured board chair and the appointment of a stockholder representative to restore confidence in the board [3] Group 2: Proposed Changes - BBRC argues that a new, independent chair would drive value for employees, customers, and stockholders, and a strengthened board would effectively oversee the company [4] - BBRC believes that adding a stockholder to the board will enhance investor confidence and align the board's interests with those of the stockholders [4] - Victoria's Secret is currently vetting BBRC's Brett Blundy as a candidate for the board and evaluating other demands from BBRC [4] Group 3: Board Engagement - Victoria's Secret asserts that the board has engaged extensively with BBRC, including meetings with Mr. Blundy and other representatives over the past three years [5][6] - Mr. Blundy presented at a board meeting in September 2025, where he made demands for his appointment to the board and proposed extensive changes to board and committee composition [6]