The Globe and Mail reports in its Wednesday, Jan. 10, edition that hedge fund Browning West is cranking up its bid to reinstate Gildan Activewear's ousted chief executive officer and bring in new directors to support him, demanding now that almost the entirety of the company's existing board be swapped out. The Globe's Nicolas Van Praet writes that Browning West said Tuesday that it has filed a formal request with Gildan to hold a special shareholders meeting without delay and reconstitute the board. It wants Glenn Chamandy rehired as CEO and eight of the directors on Gildan's current 11-member board removed and replaced with new directors, saying the existing board is "far more entrenched" than it thought. Browning West founders Usman Nabi and Peter Lee said in a letter to shareholders, "It is critical that the board hold the special meeting expeditiously, because with each passing day the current state of uncertainty is risking permanent damage to Gildan stakeholders." Since Mr. Chamandy's termination, Gildan's stock has underperformed the most relevant index by 20 per cent, meaning each of the company's board members is already responsible for more than $1.2-billion (U.S.) of value destruction, they said.