The Globe and Mail reports in its Wednesday edition that Gildan has failed to convince a prominent shareholder that ousting its former chief executive officer was warranted, putting further pressure on its board as it tries to win backing for its decision in the days ahead. The Globe's Nicolas Van Praet writes that Montreal investment firm Jarislowsky Fraser, which is believed to be the biggest shareholder in Gildan with a 6.9-per-cent interest, said Tuesday that it stands firmly against the board's decision to terminate Glenn Chamandy last week. Jarislowsky also decried the nomination of Christopher Shackelton, co-founder and managing partner of U.S. hedge fund Coliseum Capital Management LLC, to the Gildan board, calling it a "serious" governance concern. "We ask the board to acknowledge the significant and unprecedented opposition to the CEO transition and reinstate Glenn Chamandy as CEO effective immediately to avoid any potential disruption to the business," Jarislowsky's Charles Nadim said Tuesday. Mr. Chamandy had a 40-year tenure at the company, the past 20 years as CEO. Mr. Chamandy had been pushing for board approval for multibillion-dollar acquisitions outside the company's core manufacturing business.