Near the end of 2023, Gildan made the surprising announcement that President and CEO Glenn Chamandy was out, and in February of this year, Vince Tyra would replace him. It set off quite the uproar as shareholders, board members, and even Chamandy himself, released statements regarding the sudden change.

As of a few short days ago, investment firm Browning West, one of Gildan’s largest shareholders, made the move to reach out to fellow shareholders to announce its intent to requisition a special meeting to challenge and reverse the board’s actions, according to an article shared by SGB Media. Several shareholders, including Browning West, have expressed extreme distaste over the decision to replace Chamandy.

SCB Media writes that “Browning West issued a letter to all shareholders on Dec. 29, 2023, announcing the intent to requisition a Special Meeting of Gildan Activewear Inc. Shareholders (Special Meeting) to provide shareholders an opportunity to reconstitute Gildan’s Board of Directors (Board) by removing five incumbent directors and installing five people that Browning West believes are highly qualified individuals to fill those positions.” Browning West owns approximately 5% of Gildan’s outstanding shares.

Browning West is proposing adding the following to the board:

• Michael Kneeland, chair of United Rentals Inc.
• Glenn Chamandy, co-founder and former CEO of Gildan Activewear Inc.
• Peter Lee, co-founder and partner, Browning West
• Karen Stuckey, former senior vice president at Walmart Inc.
• J.P. Towner, former chief financial officer of Dollarama Inc.

In a formal letter, Browning West wrote, “Gildan’s board has demonstrated it is unwilling to act in the best interest of the company and its shareholders. The incumbent directors’ actions have destroyed value for Gildan shareholders and introduced significant business risk, which we believe must be immediately addressed through a reconstitution of the board to prevent further damage to Gildan’s business and its stakeholders.”