Gildan Board of Directors Resigns as Chamandy is Reinstated

Gildan Activewear recently announced that its board of directors has appointed Glenn J. Chamandy as president and chief executive officer and Michael Kneeland as non-executive chair of the board, each effective immediately.

Glenn J. Chamandy, Gildan’s co-founder, president and CEO commented “I’m extremely excited to return as Gildan’s CEO and am gratified for the incredible support I have received from both shareholders and employees over the past six months. I’m proud of our dedicated employees for their hard work and focus through a tumultuous period. The resilience of the team and the high quality of our newly seated board give me great confidence that Gildan’s best days are yet to come.”

Michael Kneeland, Gildan’s chair of the board, remarked “Gildan has an impressive 40-year history anchored by strong long-term operating results, an outstanding employee base, and a founder who has demonstrated a clear ability to oversee an increasingly global business and has an unrivaled track record of value creation. It is an honor to be joining Gildan as chair alongside Glenn and the entire slate of directors. We look forward to putting this contest behind us so that we can focus our energy on implementing our operating plan and positioning Gildan for long-term success. As independent directors, we will help usher in accountability and alignment at Gildan. The interests of the company and its stakeholders will remain relentlessly in focus under the new board.”

Board & Trya resignation

Gildan announced on May 23, that its full board of directors had resigned, and Vince Tyra had stepped down as president and chief executive officer. The outgoing board has appointed Browning West nominees to the board of directors, effective at that time. The outgoing board had ceased discussions regarding the previously announced sale process.

In a press release, Gildan stated that “Shareholders have made their views clear. The outgoing directors believe that it was in the best interests of all Gildan stakeholders for them to resign and not stand for election at the upcoming annual meeting, allowing the new board to be seated so that it can oversee the company in the most orderly and efficient manner. The outgoing directors wish the new directors, the management team, Gildan’s 45,000 employees, and its shareholders success in the future.”