The CEO and board of directors at
Several major Gildan shareholders have been attempting to have the clothing maker's former CEO
At the time, the company said it made the swap because Chamandy had no credible long-term strategy for the company and had lost the board's trust and confidence.
Gildan confirmed Thursday evening that Tyra stepped down, and that before resigning, the board appointed a slate of directors proposed by shareholder
The company's shareholders "have made their views clear," Gildan said in a release.
The battle for control of Gildan has played out publicly, with each side making accusations about whether Chamandy or Tyra was fit to run the company.
The fight turned ugly at times, with the two sides trading lawsuits, and Gildan accusing the ex-CEO of neglecting his duties at the top job.
Activist shareholder
The departure of the board and Tyra ahead of the meeting is an apparent concession that a majority of shareholders favoured
Preliminary results before the board's resignation indicated that an overwhelming majority of votes cast supported
"The outgoing directors believe that it was in the best interests of all Gildan stakeholders for them to resign and not stand for election at the upcoming Annual Meeting, allowing the new Board to be seated so that it can oversee the Company in the most orderly and efficient manner," Gildan said in its release.
"The outgoing directors wish the new directors, the management team, Gildan’s 45,000 employees, and its shareholders success in the future."
The outgoing board also says it ended previously announced discussions about a potential sale of the company.
"We are deeply grateful for the outpouring of support that Browning West’s slate and plan have received from our fellow shareholders, Gildan employees, and leading proxy advisory firms," said
Earlier this month, prominent advisory service
"Our directors are eager to begin working toward their common goal of delivering enhanced shareholder value, which begins with reinstating
In April, Gildan replaced five board directors and said it would back two
This report by The Canadian Press was first published
Companies in this story: (TSX:GIL)
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