Former Gildan Activewear CEO and board members step down, paving the way for former CEO to reclaim company leadership

Gildan Activewear Inc. made headlines today as its entire board of directors resigned, paving the way for former CEO Glenn Chamandy to return to the helm of the Montreal-based clothing manufacturer. CEO Vince Tyra also announced his resignation, effective at the end of the day.

The outgoing board, in a statement, said that shareholders had made their views clear leading up to the annual meeting on May 28, 2024. They believed it was in the best interests of all Gildan stakeholders to step down and allow the new board to take over.

Browning West, backed by Chamandy, will now have a significant presence on the board after the outgoing board appointed their nominees. The company also announced the end of discussions about a potential sale.

Chamandy, who was forced out of the company by the previous board in December, has been embroiled in a public dispute with them ever since. The board accused him of lacking a credible long-term strategy for the company and being too distracted by other activities. Chamandy, on the other hand, claimed he had presented a comprehensive plan for Gildan’s future.

Both sides engaged in a public campaign to sway shareholders to vote for their respective board slates, with Gildan criticizing Browning West’s lack of relevant experience. The outcome of this power struggle will undoubtedly have a significant impact on the future direction of Gildan Activewear Inc.