Bath & Body Works Inc., which was on the verge of a proxy battle with Third Point LLC, has appointed a director nominated by the activist investor.
(Bloomberg) — Bath & Body Works Inc., which was on the verge of a proxy battle with Third Point LLC, has appointed a director nominated by the activist investor.
Third Point informed Bath & Both Works that it no longer plans to nominate additional board members at its annual meeting following the appointment of Thomas Kuhn, which was the result of “continued engagement” with the firm, according to a statement Monday.
The hedge fund run by Daniel Loeb recently recommended Kuhn as an additional candidate after previously nominating Lucy Brady, president of grocery and snacks at Conagra Brands Inc., and Munib Islam, managing partner at LTS One and a Third Point alumnus. Brady was accepted to the board while Islam was rejected.
Columbus, Ohio-based Bath & Body Works said Third Point had later tried to oust Brady after the board refused to also place Islam on the board.
Read more: Bath & Body Works Says Loeb Tried to Oust Director He Backed
“The board was impressed with Tom’s background as a strategic adviser to numerous companies and boards of directors,” Sarah Nash, board chair at Bath & Body Works, said in a statement. “The board values the feedback of its shareholders and appreciates Third Point’s thoughtful recommendations.”
Another recent addition to the board, which now comprises 13 directors, includes Steve Voskuil, chief financial officer at Hershey Co.
“I commend the Bath & Body Works board for their commitment to bringing on fresh voices and believe that with the recent additions of Tom, Lucy, and Steve, the board is well-positioned to drive long-term shareholder value,” Third Point’s Loeb said.
Kuhn is managing member of advisory firm Doorbrook and a former managing director at boutique investment bank Allen & Co.
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