Bath & Body Works pushes back against activist investor's demands

Bath & Body Works is asking shareholders to side with company management in a proxy battle with Third Point, a hedge fund led by activist investor Dan Loeb. The retailer said that following Third Point's plans would ultimately be detrimental to the company and its shareholders. Bath & Body Works said it would not give Munib Islam, a former co-chief investment officer at Third Point, a seat on its board. "Simply put, it is cronyism at its worst," the retailer told shareholders.