: Bath & Body Works, Third Point proxy fight averted as retailer appoints new board member

Kuhn “is a widely respected executive and adviser whose unique background brings valuable financial, legal and corporate governance expertise to the recently refreshed Bath & Body Works Board,” the retailer said.

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Kuhn was also recommended by Third Point, Bath & Body Works said. The board has 13 directors currently, 12 of whom are independent.

“I commend the Bath & Body Works board for their commitment to bringing on fresh voices,” Third Point Chief Executive Dan Loeb said in the statement. The board is now “well-positioned to drive long-term shareholder value.”

According to the statement, Third Point has told Bath & Body Works it doesn’t intend to nominate candidates to stand for election to the Bath & Body Works board at the company’s annual meeting. Third Point did not immediately return a request for comment.

Bath & Body Works pushed back against Third Point a week ago, saying that it has taken “all reasonable steps to avoid a costly and distracting proxy contest motivated by the personal interests of Third Point” and Loeb. It also declined to appoint Munib Islam, whom it called Loeb’s “personal protege,” to the board.

See also: Loeb’s Third Point wants to nominate candidates for Bath & Body Works board, citing governance failures

Shares of Bath & Body Works have fallen more than 21% in the past 12 months, compared with losses of around 6% for the S&P 500 index
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