Bath & Body Works avoids proxy fight

 

Bath & Body Works activist investor Third Point has decided not to begin a proxy contest.  The decision came after the retailer appointed another independent director recommended by Third Point. Yesterday, Bath & Body Works named Thomas J. Kuhn as an independent director. The decision comes after the company appointed Lucy Brady and Steve Voskuil as independent directors last month. All three choices were in line with the recommendations of activist investor Third Point, which threatened to nominate new board members in response to "more than a year of stagnation" at the retailer. Third Point has decided not to go through with a proxy fight following the recent appointments.