AlexeySulima/iStock via Getty Images
Gildan Activewear (NYSE:GIL) shareholder Browning West wants to get five board seats on the t-shirt company’s board after the firing of its CEO earlier this month.
Browning West, which beneficially owns about 5% of Gildan’s shares, announced its request for a special meeting to remove five incumbent board members, the holder said in a statement on Friday. The investor is looking to replace the directors with United Rentals Chairman Michael Kneeland, Glenn Chamandy, Peter Lee, Karen Stuckey, and J.P. Towner.
The Browning West board fight comes after the investor and other holders earlier this month called for the company to reinstate Glenn Chamandy as CEO, among other things. Turtle Creek Asset Management also issued to GIL urging the company to reverse its decision to terminate chief executive Chamandy.
“A critical mass of long-standing Gildan shareholders has clearly lost confidence in the current Board due to its failure to carry out its most fundamental responsibility: selecting and retaining the best possible CEO,” Browning West founders Usman Nabi and Peter Lee, wrote in a letter to holders on Friday.
Last week Cardinal Capital Management joined other holders in calling for the reinstatement of former Chamandy. Anson Funds, Oaktree Capital and Pzena Investment Management are also calling for the Chamandy’s return.