Gildan Board Resigns, Ex-CEO Returns, Shares Climb
Gildan Activewear's entire board and CEO Vince Tyra have resigned, with Browning West's eight nominees set to replace the board, marking a return of former CEO Glenn Chamandy.
In a significant shift in leadership, the entire Board of Directors of Gildan Activewear Inc., including President and CEO Vince Tyra, has announced their resignation, effective at the end of the day. This pivotal change comes as Browning West's eight nominees prepare to take their places on the Board. The decision to step down was driven by the belief that it would serve the best interests of Gildan stakeholders, facilitating a smooth transition at the upcoming Annual Meeting scheduled for May 28, 2024. The move also halts discussions regarding a previously contemplated sale of the company.
Gildan, a leading manufacturer of everyday basic apparel known for its strong commitment to labor, environmental, and governance practices, operates extensively across North America, Europe, Asia Pacific, and Latin America. With a diverse portfolio including brands like Gildan®, American Apparel®, Comfort Colors®, GOLDTOE®, and Peds®, the company boasts a substantial global presence complemented by its vertically integrated manufacturing facilities.
Following the board's resignation, Gildan welcomed back co-founder Glenn J. Chamandy as President and Chief Executive Officer, with Michael Kneeland stepping in as the non-executive Chair of the Board, both effective immediately. Chamandy's return marks a notable comeback, supported by shareholders and employees alike, signaling a positive outlook for the company's future. Kneeland, echoing this sentiment, praised Gildan’s long history of strong performance and its robust employee base, highlighting the board's commitment to accountability and alignment with the company's interests.
With the annual shareholder meeting looming, the resignation of the prior directors ensures that the only nominees up for election are the current members of the company's board, emphasizing a united front as Gildan endeavors to move past this period of transition. As the company continues to navigate these changes, stakeholders are reassured by the leadership's dedication to the brand's longevity and steadfast focus on implementing a strategic operating plan aimed at sustainable success.
Investor and media inquiries are directed towards Jessy Hayem and Genevieve Gosselin, respectively, underlining Gildan's commitment to transparent communication and stakeholder engagement during this transformative phase.
This leadership overhaul marks a pivotal chapter in Gildan's history, poised to further the company's dedication to quality products and ethical, sustainable practices across its global operations. The unanimous support for Chamandy and the incoming board members underscores a collective optimism towards fostering growth, innovation, and long-term value creation for Gildan and its stakeholders.
Articles published about this story
- globenewswire.com
More stories
Robinhood Markets, Inc. has seen its stock price surge to a new 52-week high, driven by positive upgrades and a favorable market environment. The company's performance in 2024 and its position in the penny stock market have also contributed to its recent success.
Hino Motors, a subsidiary of Toyota, faces criminal charges in the U.S. for selling over 105,000 non-compliant diesel engines, marking a significant scandal in the automotive industry.
Instagram, owned by Meta, experienced a significant outage in the US on January 15, 2025, which was largely resolved by the afternoon, as reported by Downdetector.
BlackRock Inc. reported a record $11.6 trillion in assets under management in Q4 2024, driven by strong market performance and strategic acquisitions, leading to a rise in its stock price.
- investiment.io
General Motors has signed a multi-billion dollar agreement with Vianode to secure synthetic graphite for its electric vehicle batteries, aiming to reduce reliance on China and enhance EV production.
- investiment.io
The Bank of New York Mellon Corporation (BNY) reported a robust Q4 2024, with earnings and revenue surpassing expectations, leading to a significant rise in its stock price.
JPMorgan Chase reported a record annual profit and a significant Q4 earnings beat, driven by a surge in investment banking fees and trading revenue, surpassing Wall Street expectations.
- investiment.io
Meta Platforms Inc. plans to cut approximately 5% of its workforce, focusing on low performers, as part of its ongoing efficiency drive. CEO Mark Zuckerberg announced the move in an internal memo, signaling an 'intense year' ahead with a focus on AI, smart glasses, and social media innovation.
Pfizer is set to significantly reduce its stake in Haleon, the maker of Sensodyne, to 7.3% through a £2.5 billion share sale, as announced by bookrunner J.P. Morgan.
Boeing's stock experienced a decline following a significant drop in aircraft deliveries in 2024, marking the lowest delivery numbers since the onset of the COVID-19 pandemic. The company faced challenges including a labor strike, production issues, and increased competition from Airbus.