The addition of two new members – a veteran chief financial officer with expertise in capital allocation and an expert in consumer products – did not appease Loeb’s Third Point.
does not address his concerns about governance, capital allocation and executive 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.Third Point is announcing the board challenge only hours after Bath & Body Works on Tuesday announced a second board refreshment in two weeks.
The addition of two new members – a veteran chief financial officer with expertise in capital allocation and an expert in consumer products — did not appease Third Point. The addition of two new members — a veteran chief financial officer with expertise in capital allocation and an expert in consumer products — did not appease Dan Loeb’s Third Point.Loeb has concerns about Bath & Body Works’ governance, capital allocation and executive pay.
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