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.
(Reporting by Svea Herbst-Bayliss; Editing by Kirsten Donovan)
