(Bloomberg) -- The former head of Gildan Activewear Inc. denied that he forced a showdown with the board over its acquisition strategy, escalating the war of words at the Canadian clothing manufacturer. 

Glenn Chamandy, who was pushed out as chief executive officer a week ago, said he gave “no ultimatum” to directors that they needed to support potential deals. His statement contradicts what Gildan Director Luc Jobin told Bloomberg and other news outlets on Sunday.

Jobin said Chamandy brought the board high-risk acquisition proposals that would have diluted shareholders and left the firm with significantly more debt, and threatened to quit if the board decided not to pursue them. 

“This is a sideshow to distract from the reaction the shareholders have had with respect to the board’s handling of succession planning, in which I was not involved,” Chamandy, 62, said in a statement Monday. “I did not and could not orchestrate or control the events; the board conducted the process.”

Chamandy’s statement is the latest twist in a corporate drama that sent Gildan’s stock price tumbling last week. 

The board announced last Monday it was replacing him with Vince Tyra, a former Fruit of the Loom executive. Then five large shareholders — including Jarislowsky Fraser Ltd., Pzena Investment Management Inc. and Browning West LP — came out publicly to ask the board to reinstate Chamandy.

The five investment firms, which hold about 25% of Gildan’s shares according to data compiled by Bloomberg, did not immediately respond to inquiries about Jobin’s comments.

Shares of Gildan, which owns the American Apparel brand, slid 2% at 10:31 a.m. in Toronto. 

Read More: Gildan CEO Pushed Board to Pursue Risky Deals, Director Says

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