COLUMBUS, Ohio, February 22, 2023 (GLOBE NEWSWIRE) — Bath & Body Works, Inc. BBWI today issued the following statement in response to an announcement by Third Point LLC (“Third Point”) that it intends to nominate candidates for election to the Board of Directors of Bath & Body Works (the “Board of Directors”) at the Company’s 2023 Annual Meeting to be nominated at the Annual General Meeting:

The Board and leadership team of Bath & Body Works are united in our focus on enhancing shareholder value and we regularly consider the input and recommendations of all our shareholders. However, the Board strongly disagrees with the views expressed in Third Point’s letter.

The Board of Directors is committed to best corporate governance practices, including in relation to Board compensation and Board renewals. The company received an approval vote of over 95% for its most recent say-on-pay proposal in 2022, and the board has worked diligently on a renewal over the years, with 75% of the company’s directors joining since 2019. This has resulted in a diverse, experienced and highly qualified board with the relevant expertise needed to effectively guide the company’s strategy and position Bath & Body Works for continued long-term growth and success. Today, of the 12 directors on our board, 11 are independent and seven are members of diverse communities: female, people of color and/or LGBTQIA+.

Lucy Brady and Steve Voskuil, the latest additions to the board, who were announced earlier this month, continue to strengthen the board through their respective areas of expertise. Ms. Brady brings exceptional experience in global digital strategy and customer retention and engagement, gained during her long career in the consumer industry in both senior and consulting roles. Mr. Voskuil is a highly qualified executive with over 30 years of experience, bringing global consumer products expertise and strong finance and capital allocation experience to the Board.

The company has engaged constructively and in…