Mr. Craig Leavitt reports

GILDAN ACTIVEWEAR ANNOUNCES LEADERSHIP CHANGES -- VINCE TYRA APPOINTED AS PRESIDENT AND CEO; GLENN CHAMANDY LEAVING

Glenn J. Chamandy has left his position as president, chief executive officer and director of Gildan Activewear Inc. Vince Tyra has been appointed president and CEO, effective Feb. 12, 2024. Craig A. Leavitt, a director of the company since 2018, will serve as interim president and chief executive officer until Mr. Tyra assumes his new position.

"The board is confident that Vince is the right person to lead the company into the next stage of its evolution and growth. He has an extensive career as a global organization leader with experience as an apparel industry executive, an operator, an investor and transitioning founder-led companies. Vince's diverse professional background will provide the necessary leadership skills to propel Gildan to even-greater success," said Donald C. Berg, chairman of the board.

"Over the span of his 40-year career, Glenn has been a forerunner in our industry, taking Gildan from a small family-owned business to a leading apparel company with over $3-billion (U.S.) in revenues," said Mr. Berg. "We thank Glenn for his service and wish him well."

The company remains fully focused on the Gildan sustainable growth strategy and its three key pillars: innovation, capacity-driven growth and ESG (environmental, social and governance). As such, the company looks to continue leveraging its core strengths and reinforcing what it does best -- large-scale, low-cost, vertically integrated manufacturing.

Mr. Tyra stated: "I am looking forward to joining Gildan early in the new year. It is a truly iconic business with an unparalleled global reputation. I look forward to working closely with the board and the senior executive team, and all of the extremely talented employees to leverage their knowledge and expertise so that we continue maximizing value for all of Gildan's stakeholders."

Throughout a career spanning leadership roles in the apparel and investment sectors, Mr. Tyra has demonstrated an exceptional ability to drive growth and shareholder value, while building strong teams and key relationships with a diverse range of stakeholders.

Mr. Tyra brings to Gildan a deep understanding of the apparel industry from manufacturing processes to distribution and brand building. He led alphabroder, where he spearheaded the transformation of the business through a merger and, during his six years as CEO, he tripled alphabroder's revenue, making it the industry leader. Before alphabroder, Mr. Tyra was president of Fruit of the Loom, where he led a turnaround of the company culminating in its sale to Berkshire Hathaway.

Mr. Tyra also brings strong financial acumen. He was an operating partner at Southfield Capital, where he was a member of the investment committee. Most recently, he served at Houchens Industries as senior vice-president of corporate strategy and mergers and acquisitions, leading the strategic growth of this $4-billion (U.S.) in revenue holding company, through investments in various industry sectors, including consumer products and retail. He also served as the University of Louisville's vice-president and director of intercollegiate athletics, establishing a new culture of excellence and compliance, while orchestrating the rebuilding of this major NCAA (National Collegiate Athletic Association) athletics program.

"In my brief tenure as interim president and CEO, it will be my privilege to work with this great team to ensure continued orderly operations of this highly profitable enterprise and ensure a successful transition for Vince as our new leader. Gildan is well positioned to build upon our strong market share and best-in-class capabilities," said Craig A. Leavitt, board member and new interim CEO.

About Gildan Activewear Inc.

Gildan is a leading manufacturer of everyday basic apparel. The company's product offering includes activewear, underwear and socks, sold to a broad range of customers, including wholesale distributors, screenprinters or embellishers, as well as to retailers that sell to consumers through their physical stores and/or e-commerce platforms and to global lifestyle brand companies. The company markets its products in North America, Europe, Asia-Pacific and Latin America under a diversified portfolio of company-owned brands, including Gildan, American Apparel, Comfort Colors, Goldtoe and Peds, in addition to the Under Armour brand through a sock licensing agreement, providing exclusive distribution rights in the United States and Canada.

Gildan owns and operates vertically integrated, large-scale manufacturing facilities which are primarily located in Central America, the Caribbean, North America and Bangladesh. Gildan operates with a strong commitment to industry-leading labour as well as environmental and governance practices throughout its supply chain, in accordance with its comprehensive ESG program embedded in the company's long-term business strategy.

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