NEW YORK (Reuters) – Third Point told Bath & Body Works on Wednesday that it plans to launch a proxy contest and that the company’s recent board refresh does not adequately address the hedge fund’s concerns about governance, capital allocation and pay.
“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,” Third Point founder Daniel Loeb wrote in a letter to the company’s board.
(Reporting by Svea Herbst-Bayliss)
