June 22nd, 2024

Gildan Activewear shareholders to vote on board put forward by activist investors

By The Canadian Press on May 28, 2024.

MONTREAL – Gildan Activewear Inc. shareholders will have a chance this morning to weigh in on a slate of directors put forward by activist investors.

Shareholders of the Montreal-based apparel manufacturing company will be able to vote on whether the eight nominees should be elected to the board.

Included in the group is Glenn Chamandy, Gildan’s co-founder, who took the helm of the company last week after being ousted from the top job last year amid accusations that he was no longer fit to run the firm.

Activist shareholders, including Browning West, pushed for Chamandy’s return for months, even as former Fruit of the Loom executive Vince Tyra took over Gildan’s CEO post.

In a shock move last week, Tyra and Gildan’s board resigned, paving the way for Chamandy’s return and the possibility of Browning West’s director slate being elected.

Leading proxy firms Institutional Shareholder Services Inc., Glass Lewis and Egan Jones have all recommended Browning West’s group of candidates be elected.

This report by The Canadian Press was first published May 28, 2024.

Companies in this story: (TSX:GIL)

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