Gildan announced today that new CEO Vince Tyra will take over as CEO effective January 15th instead of the previously announced February start.
This is in the face of certain investors trying to bring back ousted former CEO Glenn Charmondy. Certainly the current board of Gildan is not backing down to the investor challenge.
In their statement issued today they went into even more detail on why Mr. Tyra was chosen, extolling the virtues of his vast relevant experience, and stating, “His (Tyra’s) moral compass is in the right place. Gildan’s Board of Directors will never regret its decision to hire Vince Tyra as CEO.”
Gildan’s Board describes Tyra as fitting what they were looking for, ” ahands-on CEO with fresh ideas, deep apparel experience, a keen understanding of manufacturing and expertise in areas like marketing, merchandising and product development.”
They talk about his early work in his twenties with his own activewear business which led him to Fruit of the Loom the Board of Directors promoted him to president in the company’s darkest hour to develop and implement a restructuring plan that put Fruit of the Loom back on sound financial footing ahead of its eventual sale to Berkshire Hathaway.”
Gildan goes on to say that “Bain Capital noticed Vince’s turnaround work at Fruit of the Loom and hired him to be CEO of Broder Bros, successfully following in the founder’s footsteps. In his six years as CEO of Broder, Vince tripled revenue and made it an industry leader. From Bain Vince went to Southfield Capital, where he went on to a successful career in private equity. Vince has served on the Board of Directors at 10 companies and stepped in as interim CEO at three to help each move toward successful financial exits.”
As long as Mr. Tyra likes Barbados, it seems like a good fit and with being no stranger to difficult situations, a likely person to weather this investor storm.