News Managing/Leadership
Gildan shareholders seek CEO reinstatement, allege ‘grievous error’ by board

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.