Dan Loeb Thinks Bath & Body Works’ Board Could Use Some Serious Exfoliation
- Author:Jon Shazar
- Publish date:Dec 9, 2022
And then a good slathering of new directors, preferably of his choosing.
Incredible though this may seem, it has been more than four years since Third Point mounted its last proxy fight. Oh, sure, founder Dan Loeb has sent quite a few of his famous barbed letters in the interim, but has shied away from battle, in spite of how well the last one—against Campbell Soup—went.
Has he been cured of the need for open combat by the bitter taste of his own medicine? So afflicted by indecisiveness—as demonstrated by his flip-flopping on Disney—that he can’t choose a target, or what he’d like it to do?
Oh, no: He’s just been biding his time, for something sweet-smelling but somewhat bloated.
Hedge fund Third Point has built a stake of just over 6% in Bath & Body Works and is pushing for new board members at the retailer, the fund said in a regulatory filing on Thursday, laying the foundation for a possible board challenge…. In the filing Third Point criticized the company's board for approving excessive executive pay packages, saying it needed to cut costs.
Third Point revealed its stake in a so-called 13D filing that the hedge fund rarely makes, signaling a potential proxy fight.
Hedge fund Third Point adds Bath & Body Works stake, seeks board changes [Reuters via Nasdaq]
Campbell’s Turnaround Has Reached Full Boil [WSJ]
For more of the latest in litigation, regulation, deals and financial services trends, sign up for Finance Docket, a partnership between Breaking Media publications Above the Law and Dealbreaker.
Tagsterms:Campbell Soupshareholder activismBath & Body WorksHedge FundsThird PointDan LoebProxy Fight!To save his control over his publicly-listed hedge fund, the Great Epistolarian is reduced to whining and what-about-ism.
Hedge FundsDan Loeb Makes Threats And Demands Meetings, He Does Not Get Threatened Or Have Meetings Demanded Of Him!And don’t you dare call it hypocrisy! Oh, you did? Well, then….
Hedge FundsDan Loeb’s Gonna Have To Eat A Lot Of Chunky Chili Mac To Turn Campbell’s Around‘Cause two board seats probably ain’t gonna do it.
Hedge FundsDan Loeb Seriously In The Soup, Possibly Crying ThereinWinning his Campbell’s fight may be worse than losing.
Hedge FundsCalifornia Boy Dan Loeb Doesn’t Think Malls Are DyingThe Santa Monica native has a plan to save the backdrop of his formative years.
Hedge FundsDan Loeb Wants ESPN To Stick To SportsAnd Disney to stick to streaming.
Hedge FundsDan Loeb Doing Very Well Indeed With Company Ignoring Dan Loeb’s AdviceThird Point is taking this fight to Tokyo, having nearly doubled its money in New York.
Hedge FundsDan Loeb’s October Was Pretty Bad All AroundHe’s hoping November will be better, but probably not.
© 2022 Breaking Media Inc.Introducing Jobbguru: Your Gateway to Career Success
The ultimate job platform is designed to connect job seekers with their dream career opportunities. Whether you're a recent graduate, a seasoned professional, or someone seeking a career change, Jobbguru provides you with the tools and resources to navigate the job market with ease.
Take the next step in your career with Jobbguru:
Don't let the perfect job opportunity pass you by. Join Jobbguru today and unlock a world of career possibilities. Start your journey towards professional success and discover your dream job with Jobbguru.
Originally posted on: https://dealbreaker.com/2022/12/dan-loeb-thinks-bath-body-works-board-could-use-some-serious-exfoliation