Andrew M. Meslow, the outgoing chief executive officer of Bath & Body Works Inc., will receive $7 million in cash over a 24-month period as part of his separation agreement, according to a Securities and Exchange Commission filing on Thursday.
Meslow, who recently said he was leaving Bath & Body Works due to health reasons, has been its CEO since May 2020. Also as part of his agreement, he will receive company-paid health coverage for up to 24 months following his last day on the job, which is May 12.
In addition, Meslow has agreed to extend the period of his non-competition and non-solicitation obligations by an additional 12 months, so they now apply to a total of 24 months. His non-competition obligations apply to any country where the company operates, sells or markets its products.
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Meslow will also forfeit unvested equity awards including 86,348 stock options; 122,536 restricted stock units, and 1,311,057 target performance stock units.
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Meslow’s departure was disclosed by Bath & Body Works on Feb. 23, citing unspecified health reasons. “After much consideration and many discussions with my family, I have decided to step down as CEO so that I can focus on my health,” Meslow said at the time.
Sarah E. Nash, chair of the board of directors, became executive chair in February, and on May 12, she becomes interim CEO, while the company searches for a permanent one.
Meslow worked at Bath & Body Works for nearly two decades. Before becoming CEO, he was chief operating officer.
Nash credited Meslow for “strengthening the company and creating extraordinary value, which was only reinforced with the completion of the separation of Victoria’s Secret and launch of Bath & Body Works as a stand-alone company.” Nash is the majority shareholder of privately held Novagard Solutions. She spent nearly 30 years in investment banking at JPMorgan Chase & Co., retiring as vice chairman for global investment banking in July 2005.
In August 2021, the former L Brands spilt into two companies — Victoria’s Secret and Bath & Body Works — and each company began trading individually on the New York Stock Exchange. The $7.9 billion Bath & Body Works Inc. is trading around $53 a share and over the past 52 weeks has traded as high as $82 and as low as $44.17.
