The Globe and Mail reports in its Thursday, Jan. 25, edition that Gildan Activewear says an independent governance expert's report confirms company directors followed a proper process on succession planning that ended in the dismissal of then chief executive officer Glenn Chamandy.
The Globe's Nicolas Van Praet writes that Gildan paid Richard Leblanc, one of Canada's leading experts on corporate governance and accountability, to analyze whether its board followed "a good and rigorous process" in preparing successors for the CEO role leading up to Mr. Chamandy's dismissal in December. His answer, delivered in a 12-page report released by Gildan Wednesday, was yes, the board acted properly. Mr. Leblanc states in the report, "Based on my review, it is my opinion that the board acted in a manner consistent with prevailing standards of corporate governance for CEO succession planning, and the duties and obligations owed by directors to Gildan, during the time from May, 2021, to the letter of termination of the former CEO, dated Dec. 10, 2023." Mr. Leblanc says in the report that he was provided with a series of documents he consulted to reach his conclusion, including the minutes of in-camera sessions of board meetings.
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