Dan Loeb’s Third Point plans to launch a proxy fight against Bath & Body Works over what the activist investor says is excessive executive pay and lagging performance
Dan Loeb’s Third Point LLC plans to launch a proxy fight against Bath & Body Works Inc. to address what the activist investor says is excessive executive pay and lagging financial performance at the soap and fragrance maker.
Third Point, which first disclosed a stake of more than 6% in Bath & Body Works in December, plans to nominate candidates to the company’s board including at least one shareholder representative, according to people familiar with the matter. The activist hasn’t yet determined which directors it will aim to replace, at the annual meeting expected this spring.
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