Activist investor Litt may seek removal of HBC directors: Reuters
Activist investor Jonathan Litt, who is pushing for change at Hudson’s Bay Co, said this week he is considering seeking the removal of several directors at a special shareholder meeting following the abrupt departure of its chief executive officer, Reuters reported. The exit of HBC CEO Gerald Storch, announced last week by the company, underscored the board’s attempt to “buy time and placate investors to address underperformance and undervaluation,” Litt, the founder of U.S. hedge fund Land & Buildings Investment Management, said in a statement. Land & Buildings holds about 5 percent of the shares of HBC, which owns the Saks Fifth Avenue and Lord & Taylor retail chains. The hedge fund has been pushing the Canadian retailer to take action to extract value from its substantial real estate holdings to boost the share price and consider other options, including the sale of Saks.
