February 23rd, 2024

Gildan shareholder Jarislowsky Fraser Ltd. renews call for CEO’s reinstatement

By The Canadian Press on December 19, 2023.

MONTREAL – Gildan Activewear Inc.’s largest shareholder is renewing its recent call to reinstate the company’s former chief executive.

Jarislowsky Fraser Ltd.’s head of research and Canadian equities portfolio manager says the shareholder stands “firmly” against the recent decision by Gildan’s board to terminate Glenn Chamandy.

Charles Nadim says his firm believes Chamandy remains best positioned to lead the Montreal apparel company into a major expansion while mentoring internal candidates as part of a thorough succession plan.

Nadim is asking Gildan’s board to acknowledge the recent opposition to Chamandy being removed from his CEO post and replaced by outsider Vince Tyra.

Shareholders Browning West LP and Turtle Creek Asset Management Inc. have made similar requests of Gildan since Chamandy revealed earlier this month that he had been terminated without cause.

Gildan did not immediately respond to a request for comment. An autoreply from Chamandy’s email referred media to past statements where he said it was “unfortunate” his vision for the company differed from that of some unnamed board members.

Financial markets data firm Refinitiv shows Jarislowsky Fraser Ltd. had a roughly 7.2 per cent stake in Gildan at the end of September.

This report by The Canadian Press was first published Dec. 19, 2023.

Companies in this story: (TSX:GIL)

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