Shareholders of Gildan Activewear, one of the world’s largest clothing manufacturers, have demanded the reinstatement of its chief executive officer and demanded the resignation of American Apparel’s owner chairman.
Toronto-based Turtle Creek Asset Management, which owns 3.2 per cent of Gildan’s shares, said the firing of Glenn Chamandy on Dec. 11 “represents the loss of significant leadership, a decline in employee morale and a major “Created significant risks, including threats to customer relationships.”
That letter follows one from Los Angeles-based Browning West, which owns 4.8% of Gildan’s stock, and called for similar action, including the removal of chairman Donald Berg.
Chamandi said he was fired “without cause” after working for Gildan for 20 years. His successor has been named Vincent Tyra, a former executive at Fruit of the Loom.