Third Point launches board challenge against Bath & Body Works

Daniel Loeb

Third Point Investors has launched a board challenge against Bath & Body Works, the firm’s fourth largest holding, citing excessive executive pay and poor financial performance.

"As fiduciaries, we have no choice but to put forth qualified director candidates and give our fellow shareholders the opportunity to elect directors who can hold the stewards of their capital responsible for the decisions they make," warned founder and CEO of Third Point Daniel Loeb in a letter to the board on 22 February. While the CEO did not name which directors it will aim to replace, the window for nominating candidates to the soap and fragrance maker's board opened earlier this month and closes 13 March. Third Point said that since November last year, it had "raised concerns ab...