Gildan Activewear Inc. has set May 28 for a shareholder meeting following a request by U.S. investor Browning West which is seeking to replace a majority of the company's board of directors and bring back founder Glenn Chamandy as chief executive.The Gildan Activewear Inc. logo is seen outside their offices in Montreal, Monday, Dec. 11, 2023. THE CANADIAN PRESS/Christinne Muschi
MONTREAL – Gildan Activewear Inc. has set May 28 for a shareholder meeting following a request by U.S. investor Browning West which is seeking to replace a majority of the company’s board of directors and bring back founder Glenn Chamandy as chief executive.
The Montreal-based clothing manufacturer also says it will challenge the validity of the Browning West special meeting request in a Quebec court.
Gildan alleges the fund broke U.S. antitrust rules when it increased its stake in the company to the point where it could request a shareholder meeting, something Browning West denies.
The company has been embroiled in a fight over who should lead the company since it announced late last year that Chamandy would be replaced as chief executive by Vince Tyra.
Several Gildan shareholders, including the company’s largest, Jarislowsky Fraser, have sought to have Chamandy reinstated.
Browning West is asking Gildan shareholders to vote to remove eight Gildan directors including chair Donald Berg and replace them with its own nominees who would reinstate Chamandy.
This report by The Canadian Press was first published Jan. 29, 2024.
Companies in this story: (TSX:GIL)
