Bath & Body Works Announces Appointment of Thomas J. Kuhn to Board of Directors
Experienced Financial and Governance Advisor Brings 35 Years of Experience to Board
COLUMBUS, Ohio, March 6, 2023 Bath & Body Works, Inc. (NYSE: BBWI) announced today that Thomas J. Kuhn, an experienced lawyer, finance
executive and board member, has been appointed as a new independent member of the Companys Board of Directors (the Board), effective March 10, 2023. Mr. Kuhn is currently Managing Member of Doorbrook LLC and formerly held
senior roles at investment banking firm Allen & Company LLC and the law firm of Covington & Burling LLP. Mr. Kuhn is a widely respected executive and advisor whose unique background brings valuable financial, legal and
corporate governance expertise to the recently refreshed Bath & Body Works Board.
Mr. Kuhns appointment to the Bath & Body
Works Board was the product of the Boards continued engagement with Third Point LLC (Third Point), who recently recommended Mr. Kuhn as an additional candidate for the Board. At Third Points recommendation, members of
the Nominating and Governance Committee and the Board interviewed Mr. Kuhn, and the Board unanimously determined that Mr. Kuhn would bring highly valuable and complementary skills and experiences to the Board. Mr. Kuhns
appointment follows the recently announced appointments of independent directors Lucy Brady, President, Grocery & Snacks at Conagra Brands, who was also recommended by Third Point, and Steve Voskuil, Senior Vice President and Chief
Financial Officer at The Hershey Company. With these three new directors, the Board now comprises 13 directors, 12 of whom are independent and seven of whom are members of diverse communities: female, people of color and/or LGBTQIA+.
Sarah Nash, Board Chair, commented, We are pleased that Tom will join the Bath & Body Works Board of Directors. The Board was impressed with
Toms background as a strategic advisor to numerous companies and boards of directors. We are confident that Toms 35 year history as a respected financial and legal advisor, including working with consumer companies, will bring an
important perspective to Bath & Body Works as it focuses on its key strategic initiatives to maximize shareholder value. The Board values the feedback of its shareholders and appreciates Third Points thoughtful recommendations of both
Tom and Lucy.
Mr. Kuhn said, Bath & Body Works is a leading personal care and fragrance company that has taken the right steps
to position itself for future growth. I look forward to working with this refreshed Board and management team as the Company looks to continue delivering strong performance and long-term shareholder value.
Third Point Chief Executive Officer Daniel S. Loeb commented, Tom is a trusted strategic advisor whose practical financial and governance insights will
be highly additive to the Board. I commend the Bath & Body Works Board for their commitment to bringing on fresh voices and believe that with the recent additions of Tom, Lucy, and Steve, the Board is well-positioned to drive long-term
shareholder value.
Third Point has informed the Company that it no longer intends to nominate candidates to stand for election to the
Bath & Body Works Board at the Companys 2023 Annual Meeting of Stockholders.
About Thomas J. Kuhn
Mr. Kuhn has served as Managing Member of Doorbrook LLC, a private advisory and investment firm, since 2022. Prior to Doorbrook, Mr. Kuhn was Senior
Advisor and Special Counsel at Oscar Health, which he joined following his employment at the law firm of Covington & Burling LLP, where he served as Of Counsel until 2021. From 2000 through 2013, Mr. Kuhn was a Managing Director at
investment banking firm Allen & Company LLC. Prior to joining Allen & Company, he was the Senior Vice President and General Counsel of USA Networks, Inc. (a predecessor to IAC).
ABOUT BATH & BODY WORKS:
Home of Americas Favorite Fragrances®, Bath & Body Works is a global leader in personal
care and home fragrance, including top selling collections for fine fragrance mist, body lotion and body cream, 3-wick candles, home fragrance diffusers and liquid hand soap. Powered by agility and innovation,
the companys predominantly U.S.-based supply chain enables the company to deliver quality, on-trend luxuries at affordable prices. Bath & Body Works serves and delights customers however and
wherever they want to shop, from welcoming, in-store experiences at more than 1,800 company-operated Bath & Body Works locations in the U.S. and Canada and more than 425 international franchised
locations to an online storefront at bathandbodyworks.com.