Gildan Activewear Inc.’s ousted CEO responded to criticism from the company’s board Tuesday, calling their actions a “premeditated” attack on his record that threatens to undermine the business itself.

“I am deeply disappointed by the actions of the Gildan board of directors. Having been at the helm of Gildan for more than two decades, I take great offence at what appears to be a premeditated effort to publicly undermine my record,” Glenn Chamandy said in a statement.

“What is even worse from a corporate standpoint, is that their careless behaviour is also tarnishing the reputation of a great company.”

Chamandy was dismissed by Gildan’s board of directors on Dec. 11. Soon after, several of the company’s biggest investors called for him to be reinstated, including U.S. investment firm Browning West, which owns a five per cent stake in the company.

After Chamandy’s Tuesday statement, Browning West requested a special meeting of Gildan shareholders with the aim of replacing eight of the company’s 11 board members and reinstating Chamandy as CEO -- increasing its previous request to replace five board members.

Chamandy, who had been the company’s chief executive for nearly 20 years, maintains he was fired without cause.

In a statement released Monday, Gildan’s board said they were unanimous in their belief that keeping the longtime executive “would have jeopardized the future of Gildan and destroyed shareholder value.” 

The board also reiterated earlier statements that Chamandy forced a showdown over a proposed multibillion-dollar acquisition strategy, and said they were “dubious about these high-risk acquisitions, particularly in light of Mr. Chamandy’s inability to answer even the most basic questions about his strategic proposal.”

Chamandy responded Tuesday by saying that “contrary to what the board claims,” the strategy showed “meaningful organic growth prospects” for the company and was supported by Gildan’s management team.

“The board's unfortunate actions have resulted in a massive loss of shareholder value,” Chamandy’s letter continued.

“This destructive course of action is counterproductive, and all efforts should be redirected at driving growth that benefits all Company stakeholders, a priority which has traditionally been at the core of Gildan's values.”

Since reaching a 2023 high of more than $50 per share in early December prior to Chamandy’s departure, Gildan stock was down more than 17 per cent as of Tuesday morning.

With files from Bloomberg News and the Canadian Press