#Shareholder #Egan-Jones #Victoria's Secret

Egan-Jones' Recommendation for Victoria's Secret Shareholders

In a significant development for Victoria's Secret & Co., Egan-Jones Ratings Company has issued a recommendation urging shareholders to vote in favor of all management nominees during the upcoming 2026 Annual Meeting. This endorsement is particularly directed towards using the WHITE proxy card to cast votes. This call to action comes amid a contrasting campaign initiated by BBRC International Pte Limited, which holds a 13.0% stake, suggesting a lack of support for Board Chair Donna James based on governance issues and capital allocation criticisms.

Egan-Jones acknowledges the concerns raised by BBRC related to the company's past decisions, particularly criticizing the acquisition of Adore Me, delays in appointing a new CEO, and governance flaws carried over from the L Brands era. Despite these valid critiques, Egan-Jones firmly believes that significant changes have been made under the current leadership, initiating a turnaround that is beginning to yield tangible results.

Since the appointment of Hillary Super as CEO in August 2024, Victoria's Secret has recorded an impressive 141% total shareholder return, significantly outpacing both market averages and its peers within the industry. An analysis by Egan-Jones highlighted that the board replaced the previous CEO, restructured over half of the senior leadership team, and rolled out the ambitious four-pillar