Gildan’s Board of Directors have just released a detailed and highly critical timeline of events leading to Glenn Chamandy’s firing in early December. You can read the press release here.
Allegations in this release include that “Mr. Chamandy failed to disclose that he had invested in funds managed by a Gildan shareholder who has now come out in support of reinstalling him as CEO and that a senior executive of the same shareholder had purchased a multi-million-dollar property at Mr. Chamandy’s luxury golf resort in Barbados.” (sounds rather Trumpian, doesn’t it…)
The bulk of the Board’s release is a detailed three year timeline that shows that an orderly succession where Chamandy would step down in 2024 was not followed, and that he had no intention of stepping down. Also mentioned was that Chamandy as part of his bid to stay on was focused on a plan “for Gildan to embark on a risky and highly dilutive multi-billion-dollar acquisition strategy predicated on him remaining as CEO for several more years to oversee integration and his eventual succession.” (Rumors have it that the only mulit-billion dollar purchases could have been buying S&S and/or Alpha, but that’s not know and not likely to ever be made public.)
In all a fairly stunning rebuke in detail to Mr. Chamandy’s portrayal of the dismissal and also a rebuke to the Gildan investor Browning West who have fought the dismissal.