02:07:53 EDT Thu 16 May 2024
Enter Symbol
or Name
USA
CA



Gildan Activewear Inc
Symbol GIL
Shares Issued 168,585,445
Close 2024-04-30 C$ 47.72
Market Cap C$ 8,044,897,435
Recent Sedar Documents

Globe says ex Gildan CEO rejects probe into conduct

2024-04-30 08:25 ET - In the News

The Globe and Mail reports in its Tuesday edition that Gildan Activewear says its former chief executive officer Glenn Chamandy is being unco-operative. The Globe's Nicolas Van Praet writes that Gildan says Mr. Chamandy is refusing to provide information to an external investigator looking into his actions at the time he was let go in December. The information is contained in Gildan's management proxy circular, made public Monday. Mr. Chamandy did not respond to a request for comment on the allegations. Gildan's board says because Mr. Chamandy is not co-operating in the probe, it has not been able to make a fully informed decision as to whether his dismissal is with or without cause. Attempts by certain shareholders to seek his reinstatement are also complicating the calculations of his payout, and directors have decided not to make a decision on any payments to the former CEO until after the company's shareholders elect a board on May 28. Mr. Chamandy is demanding a severance payment worth $38-million (Canadian). This amount is significantly higher than what Gildan believes Mr. Chamandy is entitled to. The previous year's information circular stated he was entitled to $20-million (U.S.) under his employment contract.

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