Barington urges Victoria’s Secret to restructure board, drop poison pill

The Barington Capital Group investor calls for the restructuring of its board of directors and the cancellation of the recently approved shareholder rights plan.

James Metarotonda, CEO of the New York -based hedge fund, who owns more than 1 % of the company’s distinguished shared shares, told president Victoria’s Secret Donna James in Monday’s letter that it failed to realize its capabilities since its separation from its mother company, in brands, in 2021, with overcoming the current council “destroying a value of $ 2.4 in the value of the two tracks.”

Mitarotonda argued that the current leadership of the company, including CEO Hillary Super, lacks the strategic experience and clarity necessary to lead a successful transformation. Parington noted that Super has limited experience in the executive company and two years with a short period in intimate clothes.

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Mitarotonda also confirmed fears that Super did not gain employee confidence, and criticized its focus on re -launching secondary brands such as PINK and expanding sportswear, while not giving priority to the company’s basic work and international growth, saying it was a sign of “strategic lack of focus.”

Victoria Secret Rose shares on Monday morning after publishing the message on the investor’s website.

Victoria Secret 5 Avenue store in New York, New York. (Victoria Secret / Fox News)

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Six of the current nine board of directors of the council sat on the blackboard during the company’s decline, and the remaining independent managers have a “limited experience in expanding the scope of global consumers successfully, according to Barington.

“We believe that Victoria’s Secret requires a re -formed council consisting of managers who have experience installed in the revitalization of the brand, operating implementation, international expansion, and creating the value of shareholders,” Mitarotonda Books, adding that the retailer “should consider replacing the majority – if not everything – from the independent council who bring relevant backgrounds, and coordinate New to create value. ”

Brington Capital said he was disappointed with the company’s Poison Pill plan, describing it as counterproductive. (PASCAL Le Segretain / Getty Images for Victoria’s Secret) / Getty Images)

Meanwhile, the active investor, who also has a stake in MAKY’s, said he is disappointed with the recently approved “Poison Pill” plan, describing it as counterproductive.

“It is equally disturbing, risks the established administration and the council at a time when it is necessary to change the meaning of”, continued the message. “Academic research and the experience of the real world showed that companies have weak governance structures and strong transfer provisions tend to trade with fewer assessments.”

The investor said, to help the brand “restore its feet and success”, that the company needs to focus on the categories of basic products, including bras, re -investing in digital and international markets and simplifying its operating model.

Brington has argued that the current leadership of the company, including CEO Hillary Super, lacks the strategic experience and clarity needed to lead a successful transformation. (Photo by Robert Alexander/Getty Emiez)

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Brington said it had previously worked with brands L to help implement major initiatives. During its term as a consultant to its board of directors, the company’s share price increased by 221.5 %.