By The Canadian Press on January 31, 2024.
MONTREAL – A U.S. investor looking to replace a majority of the board of directors at Gildan Activewear Inc. says it will offer its slate of candidates for election at the company’s annual meeting instead of a separate shareholder gathering.
Browning West had initially sought a special meeting of shareholders to replace eight members of the board and reinstate founder Glenn Chamandy as Gildan’s chief executive, but now says it will seek to make the changes at the annual meeting.
It says running a slate of candidates at the annual meeting will simplify the voting process for shareholders while accomplishing the same outcome, since the special meeting and annual meeting were set for the same day.
Gildan announced earlier this week that it set May 28 for an annual and special meeting of shareholders, but that it would also challenge the legitimacy of Browning West’s request for a special meeting in a Quebec court.
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.
This report by The Canadian Press was first published Jan. 31, 2024.
Companies in this story: (TSX:GIL)