By Canadian Press

Gildan Activewear calls campaign by shareholders to bring back ex-CEO misguided

Jan 8, 2024 | 6:37 AM

MONTREAL — The board of directors at Gildan Activewear Inc. says its ousted CEO had no credible long-term strategy for the company and a campaign by shareholders to have him reinstated as chief executive is misguided.

In an open letter, the board says Gildan co-founder Glenn Chamandy was the right leader for much of his tenure but that it had lost trust and confidence in his ability to grow an increasingly complex organization.

Gildan’s board replaced Chamandy late last year with former Fruit of the Loom executive Vince Tyra.

Chamandy has said he was terminated without cause after four decades with the company. 

U.S. investment firm Browning West is seeking to replace five directors at Gildan, appoint Michael Kneeland as chair and reinstate Chamandy as chief executive.

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The move by Browning West has been backed by other large Gildan’s shareholders including Jarislowsky Fraser, Turtle Creek Asset Management Inc. and Oakcliff Capital. 

This report by The Canadian Press was first published Jan. 8, 2024.

Companies in this story: (TSX:GIL)

The Canadian Press