Market Cap: $8.9 billion | Bath & Body Works, Inc. operates a specialty retailer of home fragrance, body care, and soaps and sanitizer products.
Background
On December 8, 2022, Third Point (6.02%) stated its belief that certain decisions by the Board raise questions about the adequacy of current governance practices. Third Point believes that the company, through the compensation committee of the Board, has made errors in structuring its executive compensation such that excessive awards have been made that are untethered to important performance metrics. In addition, Third Point has significant concerns about financial discipline, investor communication, and Board composition, including the ability of current Board members to make long-term value-maximizing decisions through responsible and thoughtful capital allocation. Source
On February 22, 2023, Third Point (6%) sent a letter to the Board stating its plans to nominate Board candidates. It expressed its concerns about the Company’s corporate governance and decision-making processes.
Update
On March 6, 2023, the company announced the appointment, effective March 10, 2023, of Thomas Kuhn to the Board. Mr. Kuhn was introduced and recommended to the company by Third Point.. In light of the foregoing, Third Point informed the company that they no longer intend to nominate candidates to stand for election to the Board at the 2023 AGM. Source
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