Dan Loeb Thinks Bath & Body Works’ Board Could Use Some Serious Exfoliation

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  • Author:Jon Shazar
  • Publish date:Dec 9, 2022

m01229 from USA, CC BY 2.0 <https://creativecommons.org/licenses/by/2.0>, via Wikimedia Commons

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]

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Tagsterms:Campbell Soupshareholder activismBath & Body WorksHedge FundsThird PointDan LoebProxy Fight!
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© 2022 Breaking Media Inc.

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Originally posted on: https://dealbreaker.com/2022/12/dan-loeb-thinks-bath-body-works-board-could-use-some-serious-exfoliation