The Globe and Mail reports in its Wednesday edition that Gildan Activewear faces growing opposition from institutional investors over its plan to refresh its board, and one fund manager revealed it added to its holdings of Gildan stock, ahead of a shareholder vote on control of the company. The Globe's Andrew Willis writes that on Monday, Gildan's board announced plans to replace seven of 12 directors ahead of the company's annual meeting on May 28, a move meant to quell a months-long battle triggered by the board's decision to dismiss co-founder and chief executive officer Glenn Chamandy in December. Within hours, fund manager Browning West dismissed the changing of the guard as "desperate and defensive." Browning West, which owns 5 per cent of Gildan, urged shareholders to elect its slate of eight directors, who plan to bring back Mr. Chamandy. On Tuesday, Gildan shareholder Turtle Creek Asset Management said the board's decision to bring in new directors while continuing to support recently appointed CEO Vince Tyra is "ludicrous." Mr. Tyra joined Gildan in January. Turtle Creek, which owns 2.6 per cent of Gildan and first invested more than 10 years ago, is also pushing the board to bring back Mr. Chamandy.