Scheduled to take place on 28 May, the meeting will see shareholders vote to elect members of Gildan Activewear‘s board.
Investor Browning West, which owns approximately 5% of Gildan’s outstanding shares, is seeking to replace a majority of the organisation’s board of directors and reinstate ousted CEO and founder Glenn Chamandy.
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Gildan’s board meanwhile “strongly recommends” that shareholders vote for its director nominees, which includes current CEO Vince Tyra, as well as two of Browning West’s nominees.
The board said the two Browning West-backed nominees, Karen Stuckey and J.P. Towner, would help address the need for “more apparel expertise and experience with value-oriented consumer products” on the board.
Gildan claimed it had requested to interview all of Browning West’s candidates, but that request was “continually rebuffed”. However, it said it was clear that the two candidates “would be additive” to the board as Gildan plans its growth strategy.
Browning West has previously accused Gildan of using the board refresh to protect its current CEO, Vince Trya.
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By GlobalDataThe development is the latest in a long-running dispute between Gildan and investor Browning West, which began shortly after outgoing CEO Glenn Chamandy was replaced in 2023.
In a letter to shareholders, Gildan’s board reiterated its commitment to Tyra. The letter said: “The board is fully aligned behind Vince in his role as CEO and looks forward to helping him continue to execute and enhance the Company’s strategy. We encourage shareholders to support Vince in executing our long-term vision as well as our highly skilled, proven, and recently refreshed Board.”
Gildan has also launched a new website, www.futureofgildan.com, to share information with shareholders ahead of the meeting.
Browning West has called on shareholders to vote for its eight director candidates and withhold on incumbent directors.
In a statement, Browning West said: “At this year’s annual meeting, shareholders are faced with a clear leadership choice: risk a share price collapse with repeated value destroyer Vince Tyra or supercharge shareholder returns with legendary value creator Glenn Chamandy.”
