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Shocking Change at Gildan! Board Resigns, CEO Resigns, Chamandy Returns.

In a press release yesterday Gildan announced Glenn Chamandy was re-appointed as President and CEO and Michael Kneeland appointed to serve as Chair of the Board of Directors. This came on the heels of shareholder activism by investment firm Browning West, and release two weeks ago of personal information about CEO Vince Tyra, alleging an inappropriate releationship when he was at Broder Brothers over twenty years ago (the impropriety of which is denied by Tyra and others.)

Chamandy had been removed by the Board this past December 2023 for allegedly reneging on retirement plans and for planning to take Gildan out of its normal business lane with some large acquisitions. Chamandy fought this ouster but was replaced by the Board of Directors with former Broder Brothers CEO and former Louisville Athletic Director Vince Tyra.

Tyra planned to chart a “business-as-usual” course for Gildan. Meanwhile, Browning West and other investors and Chamandy campaigned to re-instate Chamandy. This was apparently successful as at the end of last week the Board and Tyra resigned, the shocking announcement coming from Gildan last Thurday.

There had been talk of Gildan being sold, that clearly is on hold from these pronouncements. As for Chamandy’s prior plans for acquisitions, apparently we can just wait and see.


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