BBWI - Bath & Body Works defends efforts to create value amid activist pressure

Bath & Body Works ( NYSE: BBWI ) defended the efforts the retailer has made to transform itself in a letter sent to shareholders on Monday.

The board maintained it is has taken all reasonable steps to avoid what it said is a costly and distracting proxy contest motivated by the personal interests of Third Point and CEO, Dan Loeb.

The board noted it has successfully overseen the separation of Bath & Body Works from Victoria’s Secret and positioned Bath & Body Works for success as a standalone company. The board also noted it has diligently pursued refreshment, with 75% of the current members of the board having joined since 2019. Finally, the board said it has engaged constructively in good faith with Third Point over several months and demonstrated openness to all of Third Point’s views and recommendations.

The upshot is that BBWI  is confident in its track record and invigorated by a focused new CEO and refreshed board.

Shares of BBWI slipped 0.33% premarket. The mall stock is down a little more than 20% over the last year.

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