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Apparel maker Gildan recommends two Browning West nominees to board
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Apparel maker Gildan recommends two Browning West nominees to board
Apr 22, 2024 3:38 AM

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.

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