Glenn Chamandy poses for a photograph following the apparel manufacturer's annual meeting Thursday, February 5, 2015 in Montreal. Another shareholder of Gildan Activewear Inc. has joined calls for the company to reinstate Chamandy as CEO. THE CANADIAN PRESS/Paul Chiasson
Another shareholder of Gildan Activewear Inc. has expressed support for reinstating Glenn Chamandy as CEO. In a letter addressed to the apparel company's board, Cardinal Capital Management conveyed its shock over the recent decision to terminate Chamandy, who had been with the company for four decades as a co-founder.
Cardinal Capital Management joins other firms in urging for Chamandy's return and expresses concern about the credibility of the board's narrative regarding the termination. Gildan has not responded immediately to the request for comment, but earlier in the week, it asserted that the decision to replace Chamandy was a careful and deliberate process.
According to Cardinal's letter, 35% of company shareholders have publicly advocated for Chamandy's return, while only 6% support the board's decision.
