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     109  0 Kommentare Glass Lewis Joins ISS in Recommending Gildan Activewear Shareholders Vote “FOR” ALL EIGHT of Browning West’s Director Candidates, Including Former CEO Glenn Chamandy

    Browning West, LP (together with its affiliates, “Browning West” or “we”), which is a long-term shareholder of Gildan Activewear Inc. (NYSE: GIL) (TSX: GIL) (“Gildan” or the “Company”) and beneficially owns approximately 5.0% of the Company’s outstanding shares, today announced that a second independent proxy advisory firm, Glass, Lewis & Co. (“Glass Lewis”), has joined Institutional Shareholder Services Inc. (“ISS”) in recommending that Gildan shareholders vote to elect all eight of Browning West’s highly qualified director candidates on the GOLD Proxy Card at the upcoming Annual Meeting of Shareholders (the “Annual Meeting”) on May 28, 2024.

    Notably, Glass Lewis and ISS both recommended shareholders WITHHOLD support for all 10 of Gildan’s nominees: Timothy Hodgson, Lewis Bird, III, Dhaval Buch, Marc Caira, Jane Craighead, Sharon Driscoll, Lynn Loewen, Anne Martin-Vachon, current CEO Vince Tyra, and Les Viner. Glass Lewis also recommended shareholders vote against Gildan’s proposed executive compensation because it does not align with shareholders’ interests.

    Usman S. Nabi and Peter M. Lee of Browning West commented:

    “We appreciate the ringing endorsement both leading independent proxy advisory firms have given our entire slate of director candidates. In their reports, both ISS and Glass Lewis rebuke the current Board and determine that it erred in terminating proven value creator Glenn Chamandy, which serves as a conclusive and independent validation of the arguments that we and many other shareholders have voiced since last December. Voting for our entire eight-member slate, as both ISS and Glass Lewis have recommended, is the only way to ensure that Mr. Chamandy is reinstated as CEO and that this unfortunate chapter in Gildan’s history comes to an end. Our highly qualified slate of director candidates is excited about the opportunity to begin executing its superior operating plan to deliver value for all stakeholders.”

    In its report, Glass Lewis made the following comments regarding the incumbent Board’s decisions and Browning West’s highly qualified nominees:1

    • “[…] and particularly in light of the overwhelming opposition to the change by several top shareholders, we believe the Dissident has a more compelling path forward for the Company, nominating eight strong candidates.”
    • “[…] the purported depth of the prior board's succession process does not, in our view, excuse what appears to have been a poorly reasoned decision to remove a sitting CEO with a favorable track record, particularly in favor of a replacement we, and many long term shareholders, consider offers inferior experience and expertise.”
    • “[…] we do not see sufficient evidence of value destruction at Gildan to have warranted the removal of Mr. Chamandy by the board in December 2023, which in and of itself illustrates concerns we have with the incumbent board's views on succession planning […]”
    • “The resulting need for retention awards to continuing executives in FY2024 also suggests a poorly planned CEO transition.”
    • “Placing this contested situation in context, we are struck by the number of large, long-term shareholders that have come out against the incumbent board.”
    • “That the previous directors greeted profoundly negative investor feedback to its decision by botching a strategic review announcement, resigning before investors could hold them accountable and self-selecting their own replacements — purportedly based in large part on their willingness to simply endorse maintenance of a decidedly turbulent and unpopular status quo — is more troubling still.”
    • “Compounding this concern, in our view, is the determination by Gildan's briefly tenured chair to swiftly encourage ‘egos and drama-seekers’ — seemingly a proxy for investors who have publicly disagreed with the Company's whirlwind reshuffle — to ‘get away’, a tone and tenor which hardly seems to portend favorable discourse among shareholders who remain concerned with Gildan's current direction.”
    • “[…] we are perplexed by the Company's decision to enter into the Coliseum support agreement, particularly given Coliseum's relatively recent accrual of shares in the Company and an unclear vision of the need for the proceeds.”

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    Glass Lewis Joins ISS in Recommending Gildan Activewear Shareholders Vote “FOR” ALL EIGHT of Browning West’s Director Candidates, Including Former CEO Glenn Chamandy Browning West, LP (together with its affiliates, “Browning West” or “we”), which is a long-term shareholder of Gildan Activewear Inc. (NYSE: GIL) (TSX: GIL) (“Gildan” or the “Company”) and beneficially owns approximately 5.0% of the Company’s …