The group of investors are supporting Browning West’s plans to terminate the new CEO Vincent Tyra and replace him with outgoing CEO Glenn Chamandy. Photographer: Graham Hughes/Bloomberg via Getty Images.

According to public filings, the three shareholders plus Browning account for around 16% of the Canadian clothing manufacturer’s outstanding shares.

The group of investors are supporting Browning West’s plans to reinstate CEO Glenn Chamandy.

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The investors are also calling for Gildan’s current chair Donald Berg to be replaced with nominee Michael Kneeland, chair of US equipment rental company United Rentals Inc.

At an upcoming special meeting, the shareholders plan to vote to remove Gildan’s five incumbent directors and install five new candidates: Michael Kneeland, Glenn Chamandy, Peter Lee, Karen Stuckey, and J.P. Towner.

The update comes shortly after investor Turtle Creek, which owns around 3.4% of Gildan’s shares, announced its support for Browning West’s plans.

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The news also means nine major shareholders representing a 35% stake in Gildan have now called on its board of directors to reinstate Chamandy as CEO, reversing its succession plans.

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This latest update comes after a number of Gildan shareholders reported concerns around the company’s plans to replace Chamandy with shareholders criticising the decision as “hasty, inexplicable and value destructive” back in December.

Gildan’s board previously defended its appointment of CEO Vince Tyra, and said in an open letter its confidence in the CEO had been “eroded gradually” in the past two years as it looked for long-term growth strategies.

The letter stated: “The board’s decision to hire a new CEO is based on our joint responsibility to see that Gildan is well positioned for future success. The business has grown in scale and complexity and the challenges and opportunities that lie ahead call for a new leader with new ideas and different skills.”

The ongoing dispute began shortly after Gildan reported a drop in profits for its third quarter of 2023, following lower demand and higher costs.

Gildan had not responded to Just Style’s request for comment at the time of going to press.