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Hedge funds and C-suites: Dan Loeb targets Bath & Body Works | Pro Recap

Davit KirakosyanStock Markets

Published Feb 27, 2023 23:58

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Hedge funds and C-suites: Dan Loeb targets Bath & Body Works | Pro Recap

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By Davit Kirakosyan

Investing.com -- Here are some of the biggest headlines out of hedge funds and company top brass you may have missed on InvestingPro last week. Start your free 7-day trial to get this news first.

Third Point to launch a proxy fight against Bath & Body Works

Third Point LLC, founded by billionaire Dan Loeb, confirmed it is launching a proxy fight against Bath & Body Works (NYSE:BBWI) due to concerns about excessive executive pay. The hedge fund highlighted that the company paid interim CEO Sarah Nash roughly $18 million for less than a year’s worth of work.

The hedge fund, which owns more than 6% of the company’s shares, plans to nominate candidates to the board after initial conversations with the company stalled. Third Point highlighted issues with the board's oversight of executive compensation, succession planning, capital allocation, investor communication, and strategy for enduring value creation.

Shares were up 1.1% for the week at $42.42.

Tesla investor Gerber to withdraw activist Board seat bid

Ross Gerber, a Tesla (NASDAQ:TSLA) shareholder who has been vocal about his views on the company, intends to abandon his attempt to be elected to Tesla's board, according to a Bloomberg report published just before Friday's close, per an anonymous source.

Tesla officials have had private discussions with Gerber and have arranged to meet with him during the company's investor day on March 1 to discuss his concerns regarding the company's governance.

Earlier this month, Gerber announced his plans to run for Tesla's board of directors in a telephone interview with Reuters, citing problems with its public relations, customer service, and succession planning.

Last month, Gerber and notable Tesla bear Gordon Johnson engaged in a lively debate on the company hosted by Investing.com.

Tesla shares rose 4% for the week and are up 82% year to date, in partial recovery from last year's steep losses.

Spotify senior podcast executive departs

Turning to management changes, Spotify (NYSE:SPOT) senior podcast executive, Max Cutler will be departing the company, according to a Variety report on Tuesday, citing people familiar with the matter.

Cutler, who has been with the company for nearly four years, is leaving to “return to his entrepreneurial roots” and form a start-up venture, according to the source.

Shares were off 3.3% for the week at $117.14.

SBA Communications CEO retires

SBA Communications (NASDAQ:SBAC) announced that Jeff Stoops will retire as CEO on December 31, 2023. Brendan Cavanagh, currently CFO, will succeed Stoops and also join the Board of Directors. Stoops is to remain on the Board, and upon his retirement will assume the position of non-executive Chairman of the Board.

Intuit CEO steps down, new chief announced

Intuit (NASDAQ:INTU) announced Sandeep Singh Aujla as the new CFO, effective August 1, 2023. Aujla has served in senior finance roles at the company for 7 years, currently as SVP of Finance for Small Business and Self-Employed Group and Technology organization. Michelle Clatterbuck, the current CFO since February 2018, will step down on July 31, 2023.

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Hedge funds and C-suites: Dan Loeb targets Bath & Body Works | Pro Recap

Third Point to launch a proxy fight against Bath & Body Works

Tesla investor Gerber to withdraw activist Board seat bid

Spotify senior podcast executive departs

SBA Communications CEO retires

Intuit CEO steps down, new chief announced

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