01:56 PM EDT, 05/17/2024 (MT Newswires) -- Gildan Activewear ( GIL ) on Friday asked shareholders to vote for its board nominees as it gears for an annual meeting on May 28.

The company made its recommendation as Bloomberg reported proxy advisor Institutional Shareholder Services urged investors to vote for Browning West's nominees, including reinstatement of former Chief Executive Glenn Chamandy. The activist investor is also aiming to have United Rentals ( URI ) Chair Michael Kneeland lead the Gildan board, according to the news outlet.

Chamandy was let go by the Gildan board in December 2023, following disagreement over strategy and succession. Gildan said that reinstating Chamandy will "only lead to more chaos and lost opportunities" for the company.

The clothing manufacturer said that its current CEO, Vince Tyra, was selected after a thorough process and had a track record of creating value in the businesses he was involved with, including Broder Bros.

Gildan alleged that Browning West and its co-founder Peter Lee wanted to take over the business "without paying a premium," and asked shareholders to back its "newly refreshed board" which is led by former Goldman Sachs Canada CEO Tim Hodgson.

However, the company also recommended voting for two Browning West board nominees, Karen Stuckey and J.P. Towner.

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