Third Point's Dan Loeb hiked his stake in Bath & Body Works to 6% as the activist investor said he might push for board changes to improve governance issues at the retailer, according to a new regulatory filing. Loeb said the company's board has "made errors in structuring its executive compensation" so that excess awards were made that are unrelated to company performance. The hedge fund manager said he has "significant concerns" about financial discipline and the board's ability to make "long-term value-maximizing decisions through responsible and thoughtful capital allocation." Shares of Bath & Body Works rose 1% after jumping about 5% earlier. "We value the view of our shareholders, and we will continue to make decisions and take actions that we believe are in the best interests of the company and our shareholders," Bath & Body Works said in a statement to CNBC. The stock is still down about 40% this year as the retailer struggled to get its footing after L Brands spun off Victoria’s Secret from Bath & Body Works in August 2021. The hedge fund first took a bet in the retailer in the third quarter. Loeb said he might seek changes in board composition if the issues at hand don't resolve quickly. "With appropriate shareholder input the Issuer may resolve the matters identified herein, including through Board refreshment," Loeb said. "However, in the event no satisfactory resolution is reached, the Reporting Persons reserve the right to seek changes in Board composition and/or take other measures at or before the Company's next annual meeting." Last month, Bath & Body Works reported quarterly earnings that were more than double what analysts had anticipated. The retailer also raised its guidance for full-year per-share earnings. Loeb has been a prolific activist this year. He significantly increased his position in Disney , pushing the media and entertainment giant to spin off its ESPN sports network . Loeb said the segment generates significant free cash flow for Disney. The manager was also pushing a spinoff of Colgate-Palmolive's subsidiary, Hill's Pet Nutrition, a pet food company .