The resignations happened after shareholder votes cast ahead of the company’s annual meeting in May were counted and the board realized it had no path to victory. [...] Gildan board resigns, clearing the way for Glenn Chamandy to retake control of clothing company The breakdown of the one-time costs incurred by the company in relation to the proxy fight include a US$15.3-million cash payout to Mr. [...] Another is that the original board believed it was acting in good faith and in the best interest of the corporation when they removed the CEO, said Catherine McCall, CEO of the Canadian Coalition for Good Governance. [...] “It’s a bit mind-blowing, but there’s no war without cost,” said Franois Dauphin, CEO of the Montreal- based Institute for Governance of Private and Public Organizations, adding the sum should have been expected given the intensity and length of the proxy fight. [...] “It was a confrontation of two visions for the future of the company,” Mr.
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- The Canadian maker of T-shirts and fleece on Thursday published a financial accounting of the battle that climaxed this past spring between Gildans former board of directors and rebel shareholders led 1
- I wouldnt think that you should fold if you firmly believe in the rightness of what youre doing just because somebody comes along and challenges that Ms. McCall said. 3
- The shares closed at US41.29 Thursday on the New York Stock Exchange and 57.26 in Toronto. 3
