Third Point's Daniel Loeb Plans To Nominate Director Candidates At Bath & Body Works

Third Point LLC, founded by billionaire Daniel Loeb, plans to nominate director candidates at Bath & Body Works Inc BBWI.
Third Point, in a letter to Bath & Body's Board, highlighted the company's series of corporate governance failures, including awarding board chair an $18 million pay package for "part-time" interim CEO work in 2022.
The investment firm has identified numerous issues pertaining to the Board of Directors' oversight of executive compensation, succession planning, capital allocation, investor communication, and strategy for enduring value creation.
Third Point believes it is imperative that a shareholder representative is added to provide necessary oversight and failure to do so would leave no alternative but to pursue a proxy contest.
Responding to Loeb's intentions to nominate candidates, Bath & Body Works said, "The Bath & Body Works Board and leadership team are united in their focus on driving enhanced shareholder value creation, and we regularly consider the input and recommendations of all our shareholders. However, the Board strongly disagrees with the views expressed in Third Point's letter."
"The Board will review and consider Third Point's proposed nominations in due course once they are received."
Third Point owns more than 6% stake and is among the top five shareholders in Bath & Body Works.
Price Action: BBWI shares are trading lower by 3.32% at $40.50 in premarket on the last check Thursday.