February 29th, 2024

Cardinal Capital Management joins calls for Chamandy to return as Gildan CEO

By The Canadian Press on December 21, 2023.

Glenn Chamandy poses for a photograph following the apparel manufacturer's annual meeting Thursday, February 5, 2015 in Montreal. Another shareholder of Gildan Activewear Inc. has joined calls for the company to reinstate Chamandy as CEO. THE CANADIAN PRESS/Paul Chiasson

WINNIPEG – Another shareholder of Gildan Activewear Inc. has joined calls for the company to reinstate Glenn Chamandy as CEO.

In a letter to the apparel company’s board, Cardinal Capital Management says it was shocked when the board decided to terminate Chamandy earlier this month.

Chamandy was terminated without cause after four decades with the company he co-founded.

Cardinal, which joins several other firms in its call for Chamandy’s return, says it’s concerned about the credibility of the board’s narrative.

Gildan didn’t immediately respond to a request for comment, but earlier this week said its plan to replace Chamandy was a careful and deliberate process.

Cardinal’s letter states that 35 per cent of company shareholders have publicly stated they want Chamandy back, while only six per cent support the board’s decision.

This report by The Canadian Press was first published Dec. 21, 2023.

Companies in this story: (TSX:GIL)

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