June 12th, 2024

Gildan Activewear shareholders elect Chamandy, board put forward by activist investor

By The Canadian Press on May 28, 2024.

MONTREAL – Gildan Activewear Inc. shareholders have elected the company’s newly returned CEO to its board alongside a slate of candidates put forward by activist investors.

The election is another vote of confidence for Glenn Chamandy, who took the helm of the company last week after being ousted from the top job last year amid accusations that he was no longer fit to run the firm.

Activist shareholders, including Browning West, pushed for Chamandy’s return to the Montreal-based apparel manufacturer for months after former Fruit of the Loom executive Vince Tyra took over Gildan’s CEO post.

In a shock move last week, Tyra and Gildan’s board stepped down, paving the way for Chamandy’s return and for Browning West’s slate of directors to be elected.

Leading proxy firms Institutional Shareholder Services Inc., Glass Lewis and Egan Jones all recommended Browning West’s group of candidates be elected.

In April, Gildan previously replaced five directors and said it would back two Browning West nominees.

This report by The Canadian Press was first published May 28, 2024.

Companies in this story: (TSX:GIL)

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