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Hudson's Bay appoints president after take-private deal

Hudson's Bay Co. appointed Iain Nairn as president, effective Jan. 12.

The appointment comes after the Canadian department store chain agreed to a take-private deal with a group of shareholders led by Executive Chairman Richard Baker. Under the deal, the company will buy stock held by minority shareholders at C$11 per share in cash.

Most recently, Nairn was CEO of Swedish design and stationery business kikki.K, which has a presence in 147 countries.

Nairn will report directly to Hudson's Bay CEO Helena Foulkes.

Shares of Hudson's Bay closed down 0.18% to C$10.88 on Jan. 13.