In a letter sent to Victoria’s Secret Tuesday, Blundy, the founder of investment firm BBRC International Pte, called for the removal of board chair Donna James and the appointment of a new independent chair.

“We believe the most direct route to maximise value is to add stockholder perspectives to the boardroom and improve corporate governance,” Blundy wrote.

BBRC holds about 12.9 percent of Victoria’s Secret shares.

Victoria’s Secret stock was down 0.8 percent at 9:58 a.m. in New York Tuesday, giving the company a market value of about $2.9 billion. The shares have fallen around 14 percent this year.

Blundy said BBRC had made numerous attempts in the last two years to approach the Victoria’s Secret board about ways to improve corporate governance. But he said the company hadn’t engaged in meaningful dialogue.

“The board’s defensive posture only serves to validate our concern that objective oversight and a stockholder’s perspective are needed in the boardroom,” Blundy wrote.

A representative for Victoria’s Secret didn’t immediately respond to request for comment. The Wall Street Journal reported on BBRC’s letter earlier Tuesday.

In May, Reynoldsburg, Ohio-based Victoria’s Secret adopted a poison pill plan after BBRC built up its substantial stake. BBRC later criticised “disastrous board-level decisions” at the company. In June, a second investor, Barington Capital Group, emerged seeking a shake-up of the business.

By Lily Meier, Liana Baker

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