08:47 AM EDT, 04/01/2024 (MT Newswires) -- Browning West, LP, a long-term shareholder of Gildan Activewear Inc. ( GIL ) that owns 5.0% of its outstanding shares, on Monday said its slate of director candidates has released a presentation detailing its five-pillar plan to increase Gildan's share price to more than US$60 by the end of 2025 and more than US$100 within the next five years.

Browning West is also seeking to elect eight independent director candidates to Gildan's Board of Directors at the Annual Meeting of Shareholders on May 28. The eight candidates include former Gildan CEO Glenn Charmandy (proposed CEO), JP Towner, former Dollarama CFO (DOL.TO) and Ghislane Houle, EVP and CFO of CN Rail (CNR.TO).

Proposed chair is Michael Kneeland, currently non executive chair and former CEO of United Rentals.

Meanwhile, Gildan's former CEO said in a Bloomberg News interview he has a strategy to nearly double the clothing maker's profits by 2028 if he returns to the job. Investors will be better off with him than selling the company to the highest bidder , he said. In the interview Glenn Chamandy, who was fired in December, said that under his leadership, the company would borrow more, accelerate stock buybacks and avoid large acquisitions. The goal is to quickly boost earnings per share and raise the stock price, Bloomberg reported.