The Caisse de dépôt et placement du Québec’s $200 million loan to Gildan Activewear Inc. is in question amid a dispute within the company on the appointment of a new executive leader and the formation of a new board of directors, according to a report by the Canadian Press.

Chief executive officer Glenn Chamandy told the Canadian Press he’s still weighing whether to go ahead with loan, which was secured under the tenure of Vince Tyra, a former Fruit of the Loom Inc. executive who initially took over the role of president and CEO of Gildan in January.

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According to the report, Tyra and the previous members of Gildan’s board of directors stepped down at the end of May after a surprising shareholder vote count ahead of the annual general meeting. Gildan shareholders voted to put Chamandy back on the board with a slate of candidates put forward by activist investors, the report noted.

The Caisse confirmed the private placement financing deal with Gildan at the start of May. In a press release at the time, Kim Thomassin, executive vice-president and head of Quebec at the Caisse, said the investment organization elected to support the growth of the Quebec-based firm due to its renewed board of directors and CEO, referring to the now-removed Tyra.

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