© Reuters. Shoppers wait in line outside a Bath and Body Works retail store, as the global outbreak of the coronavirus disease (COVID-19) continues, in Brooklyn, New York, U.S., December 8, 2020. REUTERS/Brendan McDermid/File Photo
By Svea Herbst-Bayliss
NEW YORK (Reuters) – Hedge fund Third Point owns more than 6% of Bath & Body Works and is pushing the retail chain to appoint new board members, according to a regulatory filing made on Thursday.
Third Point criticized the company’s board for having signed off on excessive executive pay packages and said it needs to cut costs.
Bath & Body Works’ stock price had tumbled nearly 40% since January. It jumped nearly 6% in after-hours trading on news that Third Point is involved.
The hedge fund, which invests $12 billion in assets, most recently reached a settlement with Disney to add a new director to its board.
The news of the stake was revealed in a so-called 13D filing, a filing Third Point makes only rarely and one that signals the hedge fund may be laying the foundations for a proxy fight.
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