Ahead of its latest earnings report Thursday, Bath & Body Works looks like it could have battle on its hands.
, a former Unilever executive, in December. Third Point is run by billionaire investor Daniel Loeb.
Third Point added that while conversations with the board were initially productive, including acting on its suggestion to appoint Lucy Brady as an independent director, discussions have stalled and its concerns about the way the board operates have intensified. Among its complaints was the compensation Sarah E. Nash received for taking on a new role as executive chair and interim CEO in 2022, calling her near $18 million in compensation “eye popping.”
“Ms. Nash’s exorbitant compensation is even more remarkable when compared to her counterpart at the company’s closest and much larger competitor, Ulta, which paid its chief executive officer approximately $8.9 million in 2022. It is also worth noting that Ulta Beauty’s highest-paid independent director received less than half of Ms. Nash’s board compensation,” it said.
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