The Globe and Mail reports in its Tuesday, Dec. 12, edition that Gildan Activewear has dismissed its chief executive officer and co-founder Glenn Chamandy after a 20-year tenure, an unexpected move tied to a clash over succession planning. The Globe's Nicolas Van Praet writes that Mr. Chamandy has left his positions as CEO and board member, Gildan said in a statement Monday. He will be replaced in February by former Fruit of the Loom executive Vince Tyra while current Gildan director Craig Leavitt acts as interim CEO, the company said. For any founder-led company, the transition to a management-led company is always tricky, Gildan chairman Donald Berg said in an interview. He said the board hatched a succession plan about 2-1/2 years ago in which Mr. Chamandy was initially involved. Mr. Berg said the board landed on a replacement in Mr. Tyra but did not see eye to eye with Mr. Chamandy on the timing of a handover. Mr. Berg said: "We spent the last number of weeks, and as recently as up to yesterday, trying to work through that and get alignment. And unfortunately, it just didn't happen." According to a company filing, Mr. Chamandy stands to make $20-million (U.S.) under the terms of his payout.