Cardinal Capital Administration joined other shareholders in calling for the reinstatement of former Gildan Activewear (NYSE:GIL) CEO and co-founder Glenn Chamandy.
Cardinal owns ~2% stake within the firm.
“We have been shocked by the board’s determination to terminate Chamandy’s employment contract. We’re involved with the credibility of the board’s narrative, which centered first on succession after which shifted to a dangerous acquisition allegedly proposed by the CEO,” Cardinal Capital stated in a letter to GIL.
Cardinal Capital additionally stated it was dissatisfied with the “sudden appointment” of a Gildan board seat to a managing associate of Coliseum Capital Administration.
“Over 85 per cent of the shareholders who’ve gone public with their views need Chamandy reinstated as CEO, making his appointment as CEO a close to certainty ought to a particular shareholder vote be known as,” Cardinal Capital added.
Earlier within the week, Anson Funds and Oaktree Capital joined shareholders Browning West, Turtle Creek Asset Administration, and Pzena Funding Administration calling for the reinstatement of Chamandy.