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Bath & Body Works adds third director, Third Point backs off proxy fight
© Reuters. FILE PHOTO: Shoppers wait in line outside a Bath and Body Works retail store in Brooklyn, New York, U.S., December 8, 2020. REUTERS/Brendan McDermid/File Photo
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By Svea Herbst-Bayliss
NEW YORK (Reuters) – Bath & Body Works Inc on Monday named veteran financial executive and board member Thomas Kuhn as a new director, ending a potential board challenge from billionaire investor Daniel Loeb’s hedge fund Third Point.
Kuhn, a lawyer and former banker, joins the board at the end of the week as its third newcomer and was recommended by Third Point, the company said in a statement.
The hedge fund, which owns a 6% stake in the home fragrance and personal care retailer, had been laying the groundwork for a proxy fight after pushing the company to make changes for months. The firm said it will not nominate directors this year after the company added Kuhn to the board.
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