Gildan replacing five directors ahead of AGM, will back two Browning West nominees

By The Canadian Press on April 22, 2024.

MONTREAL – Gildan Activewear Inc. is making changes to its board of directors in an attempt to head off a move by an activist shareholder looking to replace a majority of the board at its annual meeting next month.

U.S. investment firm Browning West wants to replace eight of Gildan’s 12 directors with its own nominees in a move to bring back founder Glenn Chamandy as chief executive.

Gildan, which announced late last year that Chamandy would be replaced by Vince Tyra, said Monday it will replace five members of its board of directors ahead of its annual meeting set for May 28.

It says Tim Hodgson, Lee Bird, Jane Craighead, Lynn Loewen and Les Viner will join the board, effective May 1. They will replace Donald Berg, Maryse Bertrand, Shirley Cunningham, Charles Herington and Craig Leavitt.

Hodgson, who served as chief executive of Goldman Sachs Canada from 2005 to 2010, is expected to replace Berg as chair.

Gildan also says current board members Luc Jobin and Chris Shackelton will not run for re-election and that it will recommend shareholders vote for Karen Stuckey and J.P. Towner, who are two of Browning West’s eight nominees.

This report by The Canadian Press was first published April 22, 2024.

Companies in this story: (TSX:GIL)

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