Bath & Body Works activist investor Third Point won’t pursue a proxy contest after all this year, following the appointment of another new member to the retailer’s board, the firm said in an emailed statement. The retailer, known for its candles and personal care products, said by press release Monday that attorney and finance executive Thomas Kuhn, who had been recommended by Third Point in ongoing discussions, has been named an independent director.
Last month, the retailer named Conagra Brands executive Lucy Brady as an independent director, also at Third Point’s behest, and shortly after added Hershey Company Chief Financial Officer Steve Voskuil as well.
Bath & Body Works Chair Sarah Nash said in a statement that the board was impressed with Kuhn’s “background as a strategic advisor to numerous companies and boards of directors.”
“We are confident that Tom’s 35 year history as a respected financial and legal advisor, including working with consumer companies, will bring an important perspective to Bath & Body Works as it focuses on its key strategic initiatives to maximize shareholder value,” she said. “The Board values the feedback of its shareholders and appreciates Third Point’s thoughtful recommendations of both Tom and Lucy.”
