Third Point reports 6.02% stake in Bath & Body Works

Dan Loeb’s Third Point reported a 6.02% stake in Bath & Body Works, stating the firm has "significant experience in advising public companies on matters of corporate governance, board composition and capital allocation" and believes "that certain decisions by the Issuer’s Board of Directors raise questions about the adequacy of current governance practices." Third Point believes that the company, through the compensation committee of the Board, "has made errors in structuring its executive compensation such that excessive awards have been made that are untethered to important performance metrics" and has "significant concerns about financial discipline, investor communication, and Board composition, including the ability of current Board members to make long-term value-maximizing decisions through responsible and thoughtful capital allocation." In the event no satisfactory resolution is reached, the firm reserves "the right to seek changes in Board composition and/or take other measures at or before the Company’s next annual meeting," the filing stated.