says its former chief executive officer is rebuffing a probe into his conduct and claiming a severance payment worth US$38-million after being dismissed by the clothing maker, an amount far higher than what the company believes he’s owed.over control of the company, says Glenn Chamandy is refusing to co-operate and provide information to an external investigator looking into his actions around the time he was let go this past December.
Browning West is pushing for Mr. Chamandy’s return as CEO and is proposing a slate of eight directors it says will provide him the support he needs to reboot the company. Gildan is countering with its own revamped slate, which it says better reflects the interest of all shareholders.In its circular, Gildan recaps the context of the current leadership battle and sheds light on some of the company’s behind-the-scenes moves as the proxy fight continues.
Gildan has hired law firm Dentons to look into Mr. Chamandy’s conduct in the months before and after he was let go. One particular area being probed is the former CEO’s relationship with Browning West. Browning West has in the past dismissed the allegations as “weird and dark innuendo” that speaks to the poor credibility of Gildan’s current directors. On Monday, the firm’s founders, Usman Nabi and Peter Lee, said Gildan’s repeated claims that there was some sort of collusion between Browning West and Mr. Chamandy prior to his dismissal in December are categorically false.