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Activist Investor is calling for Barrington Capital Group Victoria Secret To reorganize your board of directors and scrap the recent adopted shareholder rights scheme.
James Mitrotonda, CEO of New York -based hedge fund, who owns more than 1% of the company’s outstanding common stock, told Victoria Secret Chair Donna James in a letter on Monday that he has failed to realize his ability since his original company, L brands in 2021, which has failed to realize his ability, which with current boards with current boards ”
Mitarotondona argued that the current leadership of the company, including CEO Hillary Super, lacks a successful change and lacks strategic clarity. Barrington said that Super has limited the experience of Chief Executive and Public Company only with a brief tenure in intimate costumes.
Carla Bruni, Bela Hadid, Vitoria Cereti, Eva Hardigova and models run on the runway on 15 October 2024 at the end of the 2024 Victoria Secret Fashion Show in New York City. (Reuters / Andrew Kelly / Reuters)
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Mitarotondona also stressed that the Super has not gained confidence of the employees, and failed to give priority to the company’s main business and international development, focusing on re -introductioning secondary brands such as “expanding pink and athleticwear and expanding in athleticwear, saying it is an indication of” strategic attention lack “.
The shares of the Victoria Secret rose on Monday morning after the letter was published on the investor’s website.
5th Avenue Store of Victoria Secret in New York, New York. (Victoria Secret / Fox News)
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Six of the nine current board of directors were seated on the board during the decline of the company, and the remaining two independent directors have “successfully limited experience. Global consumer businessAccording to Barrington.
“We believe that the Victoria Secret requires a restructured board, which includes directors with a proven experience in brand revision, operational execution, international expansion, and shareholder price manufacturing,” Mitarotondona has written, saying that the retailer should consider to be placed a majority – all should consider the board with the relevant background – the board with the relevant background. Track record of price construction,
Barrington Capital said that it is disappointed with the company’s “poison pill” plan, it is called reverse. (Pascal Le Sagretan / Getty Image for Victoria Secret) / Getty Image)
Meanwhile, the worker investor, who also has a stake in Massey, said that it is also disappointed with the company’s recently adopted “Poison Pil” scheme, it is called counterprants.
“Equally disturbing, it at one time risks the management and the board when the meaningful change warrant occurs,” the letter continued. “Academic Research and Realworld experience shows that companies with weak governance structures and strong anti -takeover provisions trade in low evaluation.”
To help the brand “re -achieve your leg and succeed,” the investor said that the company needs to focus on core product categories, in which bra, digital and international markets will have to reinstate and strengthen its operating models.
Barrington argued that the current leadership of the company, including CEO Hillary Super, lacks a successful change and lack of strategic clarity. (Photo by Robert Alexander/Getty Image)
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| Langer | Security | Last | Change | Change % |
|---|---|---|---|---|
| Vsco | Victoria Secret and Company. | 18.62 | +0.43 |
+2.36% |
Barrington said that it had previously worked to help implement the major initiative with L brands. During his tenure as an advisor to its board of directors, the company’s share price increased by 221.5%.
