Activist investor Browning West pushes for more board seats at Gildan Activewear
Jan 9 (Reuters) - U.S.-based activist fund Browning West on Tuesday sought the removal of a majority of directors on the board of Canadian apparel maker Gildan Activewear, by expanding its list of candidates to eight from five.
Browning West in a letter to the company's shareholders said it has requested a special meeting to be "held without delay" to reconstitute Gildan's board.
The move comes amid a public spat between Gildan shareholders and the board over the ouster of its co-founder Glenn Chamandy from the post of CEO.
On Monday, the company's board said it was investigating "new information" around Chamandy's departure, including his engagement with "certain shareholders" before his termination.
Browning West, which owns 5% of Gildan's outstanding shares said on Tuesday it had learned that the board "intends to employ extreme delay tactics" by pushing its annual meeting of shareholders or any other special meeting to late 2024.
The activist investor, along with other big shareholders, has called to reinstate Chamandy as the CEO, and terminate the appointment of new CEO Vince Tyra.
Gildan's shares fell more than 10% in December, as the tussle between the board and the shareholders unfolded.
Gildan did not immediately respond to a Reuters request for comment. (Reporting by Juveria Tabassum; Editing by Shailesh Kuber)
