01:43:25 EDT Tue 07 May 2024
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Gildan Activewear Inc
Symbol GIL
Shares Issued 170,294,722
Close 2024-01-24 C$ 43.50
Market Cap C$ 7,407,820,407
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Globe says ex-Gildan CEO decries board treatment

2024-01-24 07:56 ET - In the News

The Globe and Mail reports in its Wednesday, Jan. 24, edition that former Gildan Activewear chief executive officer Glenn Chamandy is coming out swinging against the board of directors that turfed him. The Globe's Nicolas Van Praet writes that in a statement Tuesday Mr. Chamandy goes through several points raised so far by Gildan's board to justify his termination and picks them apart in a bid to uphold his reputation and defend his record. He says while he delivered more than $1.3-billion for shareholders in dividends and buybacks over the past four years alone, directors seem intent on "destroying" that legacy with their attacks against him. All of these are serious acts of defamation," Mr. Chamandy said, adding his lawyers have sent the company a letter telling them to cease and desist. "Sadly, I am but one of many victims of the board's rogue behaviour and value-destroying actions. Gildan's employees, customers and shareholders are now facing an uncertain future because of it." Mr. Van Praet says the clash has become an almost daily tit-for-tat slugfest between Gildan directors, who insist they were entirely justified in sacking Mr. Chamandy, and several major shareholders pushing for his return.

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