TORONTO -- A U.S. investment firm is calling for the removal of the current board of directors at Hudson's Bay Co., and taking particular aim at its executive chairman.
Hudson's Bay Co.'s management has been under pressure for months from Land & Buildings Investment Management, which argues HBC's stock price is undervalued.
It says the departure of Hudson's Bay CEO Jerry Storch on Nov. 1 will not solve the problem of HBC's stock price.
It says HBC executive chairman Richard Baker is the bigger problem as far as Land & Buildings is concerned.
Land & Buildings says in a statement from Stanford, Conn., that it will call for a special meeting of shareholders to consider a full slate of proposals.
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