Gildan’s Disempowered CEO Chamandy Gains Support from Investors in Feud with Board

MONTREAL, Canada u2013 Gildan Activewear Inc’s top shareholders expressed support on Friday for the company’s recently ousted CEO Glenn Chamandy, while questioning the board’s handling of his departure and challenging the nomination of two directors..

Gildan, a maker of basics like T-shirts and socks, dismissed Chamandy and another executive earlier this week after alleging that they had breached their fiduciary duties to the company. Chamandy has denied any wrongdoing and has said he will take legal action against the company..

On Friday, several of Gildan’s largest shareholders criticized the company’s board in an open letter and said they were exploring all options, including a formal requisition of a shareholder meeting, to address their concerns..

The letter, which was signed by holders of about 36% of the company’s shares, including some of Canada’s largest pension funds, said the board’s actions were .

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