The firm, which owns a five per cent stake in Gildan, said Tuesday that it wants to replace eight of the company's 11 board members including chair
The firm said in a letter to shareholders that it expanded the slate because "new information has come to light in recent days indicating that the board is deeply entrenched and is entirely unresponsive to shareholder demands."
"The urgent need for even more substantial change became apparent once we learned that the Board unanimously: (i) will not consider the reinstatement of
The push for change comes as shareholders, Chamandy and the company have been exchanging barbs since December, when Gildan announced his departure from the apparel firm he co-founded. The company simultaneously announced Tyra, a former Fruit of the Loom executive, would be Chamandy's replacement.
A handful of shareholders, including Gildan's largest shareholder
But Gildan's board has held strong.
On Tuesday, the company acknowledged receipt of
"The Board of Directors continues to view the efforts of
"As previously disclosed, the board is independently reviewing Mr. Chamandy’s engagement with certain shareholders prior to his termination."
The escalation in the fight over control of the company by
In response, Chamandy wrote his own letter in which he said he presented a comprehensive long-range plan in October that showed meaningful organic growth prospects for Gildan over the next five years.
Chamandy said Tuesday that "the board's unfortunate actions have resulted in a massive loss of shareholder value."
"This destructive course of action is counterproductive, and all efforts should be redirected at driving growth that benefits all company stakeholders, a priority which has traditionally been at the core of Gildan's values," he wrote in a press release.
Gildan, a
This report by The Canadian Press was first published
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