Another shareholder of Gildan Activewear Inc. has joined calls for the company to reinstate Glenn Chamandy as CEO.
In a letter to the apparel company’s board, Cardinal Capital Management says it was shocked when the board decided to terminate Chamandy earlier this month.
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Chamandy was terminated without cause after four decades with the company he co-founded.
Cardinal, which joins several other firms in its call for Chamandy’s return, says it’s concerned about the credibility of the board’s narrative.
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Gildan didn’t immediately respond to a request for comment, but earlier this week said its plan to replace Chamandy was a careful and deliberate process.
Cardinal’s letter states that 35 per cent of company shareholders have publicly stated they want Chamandy back, while only six per cent support the board’s decision.
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