03:36:05 EDT Tue 07 May 2024
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Gildan Activewear Inc
Symbol GIL
Shares Issued 170,356,541
Close 2023-12-29 C$ 43.82
Market Cap C$ 7,465,023,627
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Globe says big Gildan shareholder eyes Chamandy return

2024-01-02 07:37 ET - In the News

The Globe and Mail reports in its Saturday, Dec. 30, edition that the battle at Gildan Activewear is moving to the boardroom, with a major shareholder, Browning West, saying it has signed up five potential new directors and intends to call a special meeting to reinstate Glenn Chamandy as chief executive officer, after Gildan sacked him earlier in the month. The Globe's David Milstead writes that Browning West said Friday that it now owns about 5 per cent of Gildan, the threshold for calling a shareholder meeting. Its five director nominees, if elected, would make up a minority of the 11-member board. The list of potential directors includes Mr. Chamandy. Browning West says its plans include removing board chairman Donald Berg and firing Vince Tyra who is set to become Gildan CEO early in 2024. Gildan said that its board "stands behind its considered decision" to name "Mr. Tyra as the new CEO." Gildan said, "[The] facts of this situation completely support the Gildan Activewear board of directors' decision." Browning West said Mr. Tyra has "a track record of significant value destruction." The Globe reports that Mr. Berg has said the board had a succession plan for Mr. Chamandy that he ultimately rejected.

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