The Globe and Mail reports in its Monday edition that director Luc Jobin says the turmoil now engulfing Gildan Activewear was triggered by an ultimatum former chief executive officer Glen Chamandy gave to the board seeking its approval to do two to three multibillion-dollar acquisitions outside the company's core manufacturing business. The Globe's Nicolas Van Praet writes that Mr. Jobin said that Mr. Chamandy made the ultimatum at a board meeting on Oct. 31. He said the board was averse to the idea of making the takeovers without greater certainty they could be accomplished, which became tied to the issue of CEO succession at the company and eventually led to Mr. Chamandy's ouster last week. Mr. Chamandy demanded the board agree to begin the takeover process within six months, Mr. Jobin said. From that point on, Mr. Chamandy did not engage with the board to try to flesh out a takeover strategy or talk more deeply about succession, he said. "Glenn basically said: 'Listen, either you accept the plan and you have to get back to me within a matter of weeks or I will leave and you can terminate me,'" Mr. Jobin said. "He was absolutely breathing heavy on the board." Mr. Jobin declined to name the takeover targets.