05:35:45 EDT Tue 07 May 2024
Enter Symbol
or Name
USA
CA



Gildan Activewear Inc
Symbol GIL
Shares Issued 170,356,541
Close 2023-12-21 C$ 44.07
Market Cap C$ 7,507,612,762
Recent Sedar Documents

Globe says former CEO challenged Gildan board in letter

2023-12-22 07:21 ET - In the News

The Globe and Mail reports in its Friday edition that former Gildan Activewear chief executive officer Glenn Chamandy has accused the Canadian clothing maker's board of holding an "untenable position" in failing to disclose its intentions on a possible CEO change ahead of his controversial ouster earlier this month, according to a confidential letter he sent to the company chairman in late November. The Globe's Nicolas Van Praet writes that a Nov. 25 missive sent to Gildan chairman Donald Berg, Mr. Chamandy said he made a proposal for senior executive leadership transition and succession development on Aug. 18 that was subsequently rejected by the board. Directors, he said, were already moving to recruit a new CEO with a headhunting firm and wanted him out by the end of 2024. "In as much as this was puzzling and surprising, the position taken by the board as regards the need for my employment to end in the near term and a move to a change of leadership could not have been clearer," Mr. Chamandy wrote. "The level of my support for the board's plan did not appear to have any real importance." Mr. Chamandy's sacking on Dec. 11 is being contested by several big Gildan shareholders demanding his reinstatement.

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