06:43 AM EDT, 05/24/2024 (MT Newswires) -- Gildan Activewear ( GIL ) said Thursday its entire board of directors has stepped down ahead of an election on Sunday, appointing activist investor Browning West's full slate of nominees.

Vince Tyra also resigned as president and chief executive, Gildan said.

"The outgoing directors believe that it was in the best interests of all Gildan stakeholders for them to resign and not stand for election at the upcoming annual meeting," the company said in a statement.

Separately, Browning West said its director nominees are expected to reinstate former Gildan CEO Glenn Chamandy, with nominee Michael Kneeland as chair of the board.

The investment fund's slate, which it said will be the only ones up for election during the annual meeting, consists of Michael Kneeland, Glenn J. Chamandy, Michener Chandlee, Ghislain Houle, Melanie Kau, Peter Lee, Karen Stuckey, and J.P. Towner.