June 20th, 2024

Gildan CEO lands 84% of votes in board election, other nominees see high support

By The Canadian Press on May 29, 2024.

Gildan Activewear Inc. CEO Glenn Chamandy, from left to right, with chairman Michael Kneeland and Browning West partner Peter Lee arrive to speak to the media following their annual meeting in Montreal, Tuesday, May 28, 2024. THE CANADIAN PRESS/Christinne Muschi

MONTREAL – Gildan Activewear Inc. says just shy of 84 per cent of shareholder votes cast in its Tuesday election were in favour of the company’s newly returned CEO retaking his place on the company’s board.

The Montreal-based clothing manufacturer says the seven other nominees elected to the board alongside Glenn Chamandy received support levels between 83 and 99 per cent.

The slate’s election marks a new chapter for Gildan, which has been embroiled in drama since last year, when Chamandy was ousted from the top job amid accusations that he was no longer fit to run the firm.

After Vince Tyra replaced Chamandy, activist investor Browning West fought for months for his return, even garnering the support of Gildan’s largest shareholder Jarislowsky Fraser.

Tyra and Gildan’s board stepped down last week in an unexpected move, setting the stage for Chamandy’s return and for the election of the slate of directors Browning West put forward.

Gildan says a vote on executive compensation had an approval level of about 74 per cent, while a shareholder proposal asking the company to report on the effectiveness of its human rights infrastructure landed just under 14 per cent support.

This report by The Canadian Press was first published May 29, 2024.

Companies in this story: (TSX:GIL)

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