Gildan has just announced that Vince Tyra formerly at Fruit of the Loom, former CEO of Alphabroder 2000-2005, and former Athletic Director at the University of Louisville will be taking over the reigns at Gildan as President and CEO. This will start in February 2024. On an interim basis Craig A. Leavitt will be acting President and CEO. You can read the press release from Gildan.
Tyra takes the reigns from Glenn Chamandy, who has directed the company at President, CEO, and Director of the Company. Chamandy founded the business, his grandfather Joseph started a clothing line in Canada called Harley, Inc that made children’s clothing. Joseph’s Grandsons Greg and Glenn got involved and they bought a mill in Montreal. The rest they say is history. They closed Harley and went full force into the t-shirt wholesale business and eventually moved the company headquarters to Barbados and the manufacturing to a variety of countries, mostly now in Honduras. Monsieur Chamandy reports that he did not leave voluntarily but was forced out after 40 years at the compay, due to differences with the Board regarding direction of the company. You can read Glenn Chamandy’s press release.
What this means for the direction of Gildan and therefore in some ways the direction of the garment industry is a big question.
Shares of Gildan stock fell in price %10 following the news of the transition.