Third Point, the hedge fund firm run by billionaire investor Daniel Loeb, is to push for changes in the boardroom at Bath & Body Works, after building a stake of just over 6% in the retailer, according to a report by Reuters.
Third Point, the hedge fund firm run by billionaire investor Daniel Loeb, is to push for changes in the boardroom at Bath & Body Works, after building a stake of just over 6% in the retailer, according to a report by Reuters.
The report cites a regulatory filing made this week as revealing Third Point’s holding of 13.7 million shares in the business, which it began acquiring in October.
Bath & Body Works share price has fallen by nearly 40% so far this year, but climbed in after-hours trading on Thursday when news of Third Point’s stake broke via a 13D filing that indicates a potential proxy battle.
Third Point has criticised the company’s board for approving excessive executive pay packages, and says it needs to cut costs.
