Gildan's deposed CEO Chamandy wins over big investors in fight with board

Gildan Activewear Inc.’s former chief executive officer lashed out at the clothing manufacturer’s board, saying it fumbled when it failed to consult investors about the CEO succession process — and major shareholders are backing him up.

Five investment firms that hold stakes in the Canadian company have now denounced the board’s decision to fire CEO Glenn Chamandy and name former Fruit of the Loom executive Vincent Tyra as his replacement. 

The unhappy investors include major holders Jarislowsky Fraser Ltd., Pzena Investment Management Inc. and Cooke & Bieler LP. Collectively, the five firms own about 25 per cent of Gildan’s shares, according to data compiled by Bloomberg.