The Globe and Mail reports in its Thursday, Jan. 11, edition that Gildan Activewear chief financial officer Rhodri Harries sold $23.9-million worth of stock after the company sacked chief executive officer Glenn Chamandy in December, making $9.1-million in profit on his stock options. The Globe's David Milstead writes that Mr. Harries made the sales Tuesday, Dec. 12, through Friday, Dec. 15. Mr. Chamandy was fired on Dec. 11. Spokesman Genevieve Gosselin said Mr. Harries remains Gildan's largest employee shareholder. "Mr. Harries indicated to the company his intention to make trades as part of an effort to diversify his personal portfolio before he was informed that Glenn Chamandy was leaving the company," she said. She also said there was a narrowed window of trading days in December for Mr. Harries, which would not reopen until the end of February. The Globe says Mr. Harries's sales were aggressive in terms of his total holdings. Records show he exercised 537,255 options that week, more than half of the 914,376 options he held when Gildan fired Mr. Chamandy on Dec. 11. Mr. Harries's recent sales have helped make Gildan insiders some of the biggest sellers of the company's stock in Canada in the past two months.
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