BBWI - Bath & Body Works satisfies Third Point with new board appointment

2023-03-06 07:46:32 ET

Bath & Body Works ( NYSE: BBWI ) announced on Monday the appointment of Thomas Kuhn as a new independent member of the board of directors.

Kuhn is currently Managing Member of Doorbrook LLC and formerly held senior roles at investment banking firm Allen & Company LLC and the law firm of Covington & Burling LLP. He is said to be is a widely respected executive and advisor whose unique background brings valuable financial, legal and corporate governance expertise to the recently refreshed Bath & Body Works Board.

The appointment of Kuhn to the BBWI board came after the recommendation of activist investor Third Point LLC.  Following the activist investor firm's recommendation, members of  the board interviewed Kuhn, and the board unanimously determined that he would bring highly valuable and complementary skills and experiences to the board.

The BBWI board now comprises 13 directors, 12 of whom are independent and seven of whom are members of diverse communities.

Third Point Chief Executive Officer Daniel Loeb commended the Bath & Body Works Board for their commitment to bringing on fresh voices and sees the board as well-positioned to drive long-term shareholder value. Of note, Third Point is standing down from nominating candidates to stand for election to the Bath & Body Works board at the company’s 2023 annual meeting.

Shares of BBWI moved up 0.77% in premarket trading to $39.89 vs. the 52-week trading range of $25.75 to $58.17.

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