A scathing activist investor letter upends the annual investor meeting, a new CFO's agenda and the board's future.

Barington Capital urged Victoria's Secret to replace its board with directors experienced in brand revitalization, criticizing CEO Hillary Super's leadership strategy.

Activist investor Barington Capital Group is pushing Victoria's Secret to alter its board and end a recently adopted "poison pill" plan, according to a letter to the lingerie maker's shareholders on Monday.