Third Point's Dan Loeb just raised his active stake in Bath & Body Works , and the investor said he's willing and able to launch a proxy fight. The activist investor sees a number of issues at the retailer, from its execution, to shareholder communications as well as its capital allocation strategy, he told CNBC's Scott Wapner . Loeb first pointed to a share repurchase that the firm did when the stock price was significantly higher than where it is now. The stock is still down about 40% this year as the retailer struggled to turn around after L Brands spun off Victoria's Secret from Bath & Body Works in August 2021. The company named Gina Boswell as its new CEO in November. The second issue at hand is governance, Loeb said, highlighting that there was a $18-million dollar stock grant the Chairman of the Board received for, in part, taking on the role of interim CEO. Loeb called the pay "excessive." The hedge fund manager revealed that he made an attempt to reach the C-Suite, but was politely rebuffed and later got an email, saying there would be no communications with shareholders until fourth-quarter earnings are released. Loeb said he believes that Bath and Body Works is not a mismanaged company, but there's a lot of room for improvement. He said the company can particularly expand globally, saying he sees "a ton of runway and potential." He added that there's "a complete disconnect" that the stock trades at about 11 times forward earnings, saying it should trade at 15 times. Loeb said he's willing and able to wage a proxy fight if necessary, and that he thought it would be easy to win. However, Loeb added that a proxy fight wasn't his preference, and he'd like to give the new CEO a chance and try to work with the board. "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.