The Gildan logo is seen outside their offices in Montreal, Monday, Dec. 11, 2023.THE CANADIAN PRESS/Christinne Muschi
MONTREAL – Glenn Chamandy is officially back as the chief executive of Gildan after a months-long public battle over leadership of the Montreal-based clothing company he co-founded.
Chamandy was terminated last year to make way for Vince Tyra, kicking off protests by several major Gildan shareholders that disagreed with the decision.
Shareholders, led by activist investor Browning West, campaigned to have the Gildan board replaced at the company’s annual meeting next week, and to have co-founder Chamandy brought back.
Browning West announced Thursday evening that its campaign was successful, as Gildan’s board and new CEO stepped aside after preliminary votes showed the investor’s plan was the clear favourite.
Gildan announced Friday that Chamandy is officially back in as its president and CEO, effective immediately.
The company says Michael Kneeland is now the non-executive chair of the board.
This report by The Canadian Press was first published May 24, 2024.
Companies in this story: (TSX:GIL)
