In a press release,
The investor said it believes the board’s "tactics indicate that the current directors will do anything to preserve their current positions." It also said it's concerned the company will try to delay the May meeting.
Gildan has been embroiled in a fight over who should lead the company since it announced late last year that co-founder and then-CEO
Gildan has called the campaign to reinstate Chamandy misguided. It previously said its decision came after Chamandy allegedly moved to pursue "high-risk and highly dilutive multi-billion-dollar acquisitions that would shift Gildan away from its core area of manufacturing experience."
Chamandy has said he presented a comprehensive long-range plan in October that showed meaningful growth prospects for Gildan over the next five years.
He has also accused Gildan's board of creating "a sideshow to distract from the reaction the shareholders have had with respect to the board's handling of succession planning, in which I was not involved."
Tyra began work as Gildan's chief executive mid-January, four weeks ahead of his planned start date on request by the company's board.
In January, Gildan accused Chamandy of having inappropriately close relationships with some of the shareholders calling for his return, such as failing to disclose that he invested in funds managed by an unnamed shareholder.
They also provided details about why Chamandy had lost the board's confidence.
The company said he was rarely in the office, held very few meetings, and sent very few emails.
Gildan was founded by Chamandy's grandfather in 1946 under another name. Chamandy and his brother took over in 1982.
This report by The Canadian Press was first published
Companies in this story: (TSX:GIL)
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