The Globe and Mail reports in its Saturday edition that Browning West co-founder Usman Nabi says Gildan Activewear directors should not have replaced Glen Chamandy as chief executive officer. The Globe's Nicolas Van Praet and Andrew Willis write that Mr. Nabi notes Gildan has solid momentum, as measured by earnings and market share. He says, "Why would you disrupt that right now?" He says, "The board stole defeat from the jaws of victory, which is why shareholders are so upset and not just us." Browning West's founders, who met with Mr. Chamandy's replacement Vince Tyra last week, say they are looking for answers about his performance that he seems unable to provide. "I don't have any major expectations out of any of the meetings to try to get them off course," Mr. Tyra says of the shareholders who oppose his nomination. "[But] I've had preconceived notions on things in my life where I've changed my mind with facts. We'll see if that happens here." The bottom line is that he and shareholders are aligned on the desire to create more value, Mr. Tyra says. "If you have the same goal in mind, you can work through the personal nuances." Mr. Tyra says he is moving ahead with the full conviction that he will remain as the CEO.
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