Shareholders in Gildan Activewear, one of the world’s largest clothing makers, have demanded the reinstatement of its chief executive and called for the resignation of the American Apparel owner’s chair.
Toronto-based Turtle Creek Asset Management, which has a 3.2 per cent stake in Gildan, said the December 11 dismissal of Glenn Chamandy created “significant risks, including a loss of essential leadership, damaged employee morale, and threatened key customer relationships”.
Its letter followed that of Los Angeles-based Browning West, which owns 4.8 per cent of Gildan, demanding similar action, including the removal of chair Donald Berg.
Chamandy said he was dismissed “without cause” after 20 years with Gildan. Former Fruit of the Loom executive Vincent Tyra was named as his replacement.