The Gildan logo is seen outside their offices in Montreal on December 11, 2023. THE CANADIAN PRESS/Christinne Muschi
MONTREAL – Gildan Activewear Inc. says Vince Tyra will begin work as the company’s chief executive on Monday, four weeks ahead of his planned start date, as the fight over who should lead the company continues.
The company says Tyra, who was named late last year to replace co-founder Glenn Chamandy as chief executive, agreed to the earlier start after a request by Gildan’s board to help bring stability and to respond to requests by key stakeholders.
Several Gildan shareholders, including the company’s largest, Jarislowsky Fraser, have sought to have Chamandy reinstated.
U.S. investment firm Browning West is seeking a special meeting of shareholders to replace eight members of the Gildan board in a move to bring Chamandy back.
The Gildan board has said it replaced Chamandy because he had no credible long-term strategy for the company and had lost the board’s trust and confidence in his ability to grow an increasingly complex organization.
In response, Chamandy has said he presented a comprehensive long-range plan in October that showed meaningful organic growth prospects for Gildan over the next five years.
This report by The Canadian Press was first published Jan. 12, 2024.
Companies in this story: (TSX:GIL)
