16:42:55 EDT Tue 07 May 2024
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Gildan Activewear Inc
Symbol GIL
Shares Issued 170,356,541
Close 2023-12-21 C$ 44.07
Market Cap C$ 7,507,612,762
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Globe says Gildan directors facing swell of opposition

2023-12-21 07:26 ET - In the News

The Globe and Mail reports in its Thursday edition that Gildan Activewear directors are pushing back against investors who say they acted improperly in sacking former chief executive officer Glenn Chamandy. The Globe's Nicolas Van Praet writes that in an open letter chairman Donald Berg and three other directors shed new light on why they decided to terminate Mr. Chamandy. The directors said, "Over the last two years, the board's trust and confidence in Mr. Chamandy eroded gradually as we worked to hold him accountable for delivering the next chapter of the company's long-term growth strategy as well as the development of his people." Several Gildan shareholders remain unconvinced by that narrative and are pushing for Mr. Chamandy's reinstatement. Mr. Van Praet says Gildan directors face a difficult task in winning support for their position, however, particularly from shareholders who have made significant returns with a Chamandy-led Gildan in recent years. Eight shareholders collectively owning more than 33 per cent of Gildan's shares have now publicly voiced their support for Mr. Chamandy, according to hedge fund Browning West. That is a swell of opposition the company's board can no longer ignore, Browning said.

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