Core Viewpoint - A major investor, BBRC International, is urging Victoria's Secret to overhaul its board, criticizing the current chair for being "over-tenured" and having a "stale perspective" [1][3]. Company Performance - Victoria's Secret has experienced a stock decline of approximately 15% since its initial public offering in 2021, with its market capitalization falling below $3 billion [4][14]. - The company has struggled to adapt its brand image from sexy lingerie to more comfortable options, failing to resonate with customers amid fierce competition from brands like Savage X Fenty and Skims [4]. Investor Actions - BBRC International, which owns nearly 13% of Victoria's Secret, has been advocating for changes since it began acquiring its stake in 2022 [2]. - The firm intends to replace directors at the next annual meeting if the board does not demonstrate a willingness to engage in good faith [3]. Recent Developments - Victoria's Secret faced a three-day website outage earlier this year due to a cyberattack, further complicating its operational challenges [7]. - The company has adopted a shareholder-rights plan to prevent potential takeover attempts amid accusations from BBRC regarding improper antitrust filings [8]. Leadership Changes - Hillary Super became the new CEO of Victoria's Secret last fall, focusing on revamping the brand's image and product offerings [12]. - The previous CEO, Martin Waters, had shifted the brand's focus towards comfort, which initially boosted sales but ultimately led to stagnation [15].