BATH & BODY WORKS, INC. On December 8, 2022, Third Point LLC announced that certain decisions by Bath & Body Works, Inc's Board of Directors raise questions about the adequacy of current governance practices. Third Point expressed 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. Third Point stated that it has 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.
Notwithstanding these concerns, Third Point expressed that with appropriate shareholder input the Company may resolve the matters identified herein, including through Board refreshment. In addition, Third Point stated that it reserves the right to seek changes in Board composition and/or take other measures at or before the CompanyÆs next annual meeting.
