02:55 PM EDT, 04/23/2024 (MT Newswires) -- Turtle Creek Asset Management, which says it is a decade-long shareholder of Gildan Activewear ( GIL ) issued a statement Tuesday afternoon, responding to what it termed the "latest governance charade" by the Gildan board.

The statement came in response to the company's Monday announcement of a "board refreshment" of 12 potential nominees even as its faces a proxy battle at its May 28 annual meeting following the firing late last year of former chief executive Glenn Chamandy.

The statement emphasized Turtle Creek's "singular desire for the Board to reverse its hasty, haphazard and value destructive termination of Glenn Chamandy."

The Board replacements were also individuals who have thrown their support behind incumbent CEO Vince Tyra, despite his leadership being opposed by so many shareholders, Turtle Creek said.

"We intend to support each of Browning West's nominees at the upcoming Annual Meeting."

Price: 48.62, Change: +0.79, Percent Change: +1.65