April 22 (Reuters) - Gildan Activewear ( GIL )
recommended the election of two Browning West nominees to its
board on Monday, ahead of its annual and special shareholder
meeting on May 28.
The Canadian clothing maker's board has been clashing with
activist fund Browning West, which owns 5% of Gildan, following
the ouster of co-founder and CEO Glenn Chamandy in December.
In January, Browning West escalated its fight with Gildan,
expanding its list of board candidates to eight from five and
called an annual and special shareholder meeting amid the
ongoing dispute to replace a majority of its board members and
reinstate Chamandy as CEO.
On Monday, the board recommended the election of Karen
Stuckey and J.P. Towner, nominated by Browning West. It also
appointed five new independent directors to its board effective
May 1, 2024.
Gildan had said in March its board decided to put the
company up for sale and is in talks with multiple bidders.
The company added on Monday that external interest in an
acquisition persists and the process is ongoing.