Dan Loeb's hedge fund expects the retailer can resolve many of its issues by bringing more experience to Bath & Body work's board.
was appointed as interim CEO. On Aug. 15, Chris Cramer resigned from the COO role and the company announced that it would not fill the position.
On top of the leadership issues, the company bought back $1.3 billion in stock at about $49 per share prior to, which then sent the stock to $30 per share. And through this all, the company could have been communicating better to the market, as it does not even have an internal investor relations executive, which is unusual for a company of this size — particularly one whose stock price is struggling.
However, the missteps since the company spun off Victoria's Secret on Aug. 3, 2021, have clearly indicated that management needs better counsel from the board and members with experience in capital allocation, executive compensation, market communication; who will hold management accountable. I am not sure I have seen a board that needed shareholder representation more than this one.
The only negative to Boswell is that she has never been a public company CEO before. That is alright, it just means that it is even more important to have a strong board to advise and support her. That means a board that can guide capital allocation decisions, such as buying back shares at thoughtful prices; that has experience with investors and communicating with the market; and will be diligent about paying management fairly but not excessively.
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