Bath & Body Works adds new director as Third Point pushes for changes

Bath & Body Works adds new director as Third Point pushes for changes

By Svea Herbst-Bayliss

NEW YORK (Reuters) – Bath & Body Works named a veteran consumer products executive as a new director on Monday as the specialty retailer faces pressure from hedge fund Third Point LLC to cut costs and refresh its board.

Lucy Brady, a senior executive at Conagra Brands, expands the board to 11 from 10 members. She had spearheaded digital consumer engagement at McDonalds Corp and led the global consumer practice at The Boston Consulting Group.

Bath & Body Works Chair Sarah Nash said Brady would bring “expertise in global digital strategy and customer loyalty and engagement.”

The appointment comes weeks after Third Point, which owns a 6% stake in the company, hinted that it might push for board seats. Last week, Third Point founder Daniel Loeb told his fund investors in a letter seen by Reuters that he was closely watching the company and its new chief executive.

(Reporting by Svea Herbst-Bayliss; Editing by Richard Chang)