Friday, May 24, 2024
Longacre Square Partners handles Browning West as the hedge fund scores a knock out victory in its proxy fight with Gildan Activewear, which is based in Montreal.
Gildan CEO Vince Tyra and its entire board of directors resigned on May 23, ahead of its May 28 annual meeting.
Those directors will be replaced by the eight-member slate put forward by Los Angeles-based Browning West.
CNBC noted the last time an entire board resigned during a proxy fight was in 2012 when Canadian Pacific surrendered to Pershing Square founder Bill Ackman, hours before the railroad’s annual meeting.
Glenn Chamandy, Gildan co-founder & former CEO, ran on BW’s slate. He is being reinstated as CEO, after being pushed out from the job in December.
“The high quality of our newly seated board gives me great confidence that Gildan’s best days are yet to come,” said Chamandy.
Longacre Square’s Charlotte Kiaie handled investor communication strategy, while Scott Deveau worked the media.
Montreal-based Pelican PR (Lyla Radmanovich and Melanie Tardif) did Canadian outreach.