10:37:23 EDT Tue 07 May 2024
Enter Symbol
or Name
USA
CA



Gildan Activewear Inc
Symbol GIL
Shares Issued 170,294,722
Close 2024-01-09 C$ 42.12
Market Cap C$ 7,172,813,691
Recent Sedar Documents

Globe says Gildan board accuses ex-CEO of incompetence

2024-01-09 07:34 ET - In the News

The Globe and Mail reports in its Tuesday edition that the directors of Canadian clothing company Gildan Activewear are standing firm in their controversial decision to sack former chief executive officer Glenn Chamandy, saying that in recent years he had become an ineffective leader who was barely in the office as he became increasingly focused on golf and other "personal pursuits." The Globe's Nicolas Van Praet writes that the board also accused him of violating company policies related to the safeguarding of corporate information when he was let go. In an open letter to Gildan shareholders released Monday, directors paint a picture of an increasingly unfocused CEO who was flailing from one strategy to another as he struggled to scale an increasingly complex business. They say he tried forays into branded products and retail distribution, for example, that yielded mixed success, with an eight-year annual revenue growth rate of less than 1 per cent and write-offs and restructurings over that time period topping $450-million. "The board is unanimous in its conviction that retaining Mr. Chamandy as CEO would have jeopardized the future of Gildan and destroyed shareholder value," directors write in their letter.

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