Third Point's Loeb said the company's board has 'made errors in structuring its executive compensation.'
Third Point's Dan Loeb hiked his stake in Bath & Body Works to 6% as the activist investor said he might push for board changes to improve governance issues at the retailer, according to a new regulatory filing. Loeb said the company's board has "made errors in structuring its executive compensation" so that excess awards were made that are unrelated to company performance.
Loeb said he might seek changes in board composition if the issues at hand don't resolve quickly. "With appropriate shareholder input the Issuer may resolve the matters identified herein, including through Board refreshment," Loeb said. "However, in the event no satisfactory resolution is reached, the Reporting Persons reserve the right to seek changes in Board composition and/or take other measures at or before the Company's next annual meeting.
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