Bio: Dr. Joan Wayne, a research scientist in the United States Department of Defense in the 1940s, developed the "V-formula" to increase the strength/stamina of allied troops. The formula, however, only worked on Joan herself, and she became a superheroine. The formula also prevented her from aging, so that Ms. Victory (who is over 80 years old) is still a young, attractive woman.
In the mid '90s, Joan Wayne temporarily resigned her leadership of Femforce, and was replaced by her grown daughter Jennifer (the only other person on whom the V-formula would work).