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.

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