Gildan Activewear Inc. CEO Glenn Chamandy, left, and chairman Michael Kneeland during the company's annual meeting in Montreal, on May 28.Christinne Muschi/The Canadian Press
Gildan Activewear Inc. GIL-T says just shy of 84 per cent of shareholder votes cast in its Tuesday election were in favour of the company’s newly returned chief executive officer retaking his place on the company’s board.
The Montreal-based clothing manufacturer said the seven other nominees elected to the board alongside Glenn Chamandy received support levels between 83 per cent and 99 per cent.
The slate’s election marks a new chapter for Gildan, which has been embroiled in drama since last year, when Mr. Chamandy was ousted from the top job amid accusations that he was no longer fit to run the firm.
After Vince Tyra replaced Mr. Chamandy, activist investor Browning West fought for months for his return, even garnering the support of Gildan’s largest shareholder, Jarislowsky Fraser.
Mr. Tyra and Gildan’s board stepped down last week in an unexpected move, setting the stage for Mr. Chamandy’s return and for the election of the slate of directors Browning West put forward.
Gildan said a vote on executive compensation had an approval level of about 74 per cent, while a shareholder proposal asking the company to report on the effectiveness of its human-rights infrastructure landed just under 14-per-cent support.