Gildan shareholders seek CEO reinstatement, allege ‘grievous error’ by board
Advertisement
Read this article for free:
or
Already have an account? Log in here »
To continue reading, please subscribe:
Digital Subscription
One year of digital access for only $205*
- Enjoy unlimited reading on winnipegfreepress.com
- Read the E-Edition, our digital replica newspaper
- Access News Break, our award-winning app
- Play interactive puzzles
*First annual payment billed as $205.00 + GST for one year. This annual subscription will automatically renew at $233.00 + GST every 52 weeks (10% off the regular annual price of $259.35). Offer available to new and qualified returning subscribers only. Cancel any time.
To continue reading, please subscribe:
Add Free Press access to your Brandon Sun subscription for only an additional
$1 for the first 4 weeks*
- Enjoy unlimited reading on winnipegfreepress.com
- Read the E-Edition, our digital replica newspaper
- Access News Break, our award-winning app
- Play interactive puzzles
*Your next Brandon Sun subscription payment will increase by $1.00 and you will be charged $17.95 plus GST for four weeks. After four weeks, your payment will increase to $24.95 plus GST every four weeks.
Read unlimited articles for free today:
or
Already have an account? Log in here »
Hey there, time traveller!
This article was published 14/12/2023 (982 days ago), so information in it may no longer be current.
MONTREAL – Two of Gildan Activewear Inc.’s shareholders are demanding its former chief executive be reappointed to the company’s top post.
In letters sent to Gildan’s board of directors, Browning West LP and Turtle Creek Asset Management Inc. called for the Montreal-based apparel maker to reinstate Glenn Chamandy to the board and his prior CEO post.
Earlier this month, Gildan co-founder Chamandy said he was terminated without cause after four decades with the company. He is due to be replaced by Vince Tyra.
Browning West LP, an investment partnership with a 3.9 per cent stake in Gildan, said it believes the company’s share price was poised to grow by at least 80 per cent over the next two years under Chamandy’s leadership.
Turtle Creek said the board’s abrupt termination of Chamandy, which it called a “grievous error,” appeared to have been done in haste without meaningful shareholder engagement or consideration of the impact it would have on Gildan.
Gildan did not immediately respond to requests for comment. An autoreply from Chamandy’s email said no further statements would be given at this time.
This report by The Canadian Press was first published Nov. 14, 2023.
Companies in this story: (TSX:GIL)