Cardinal Capital Management joined other shareholders in calling for the reinstatement of former Gildan Activewear (NYSE:GIL) CEO and co-founder Glenn Chamandy.
Cardinal owns ~2% stake in the company.
“We were shocked by the board’s decision to terminate Chamandy’s employment contract. We are concerned with the credibility of the board’s narrative, which focused first on succession and then shifted to a risky acquisition allegedly proposed by the CEO,” Cardinal Capital said in a letter to GIL.
Cardinal Capital also said it was disappointed with the “sudden appointment” of a Gildan board seat to a managing partner of Coliseum Capital Management.
“Over 85 per cent of the shareholders who have gone public with their views want Chamandy reinstated as CEO, making his appointment as CEO a near certainty should a special shareholder vote be called,” Cardinal Capital added.
Earlier in the week, Anson Funds and Oaktree Capital joined shareholders Browning West, Turtle Creek Asset Management, and Pzena Investment Management calling for the reinstatement of Chamandy.