The Gildan Activewear, Inc. Board of Directors re-appointed Glenn J. Chamandy as president and CEO and Michael Kneeland as non-executive chair of the Board, each effective immediately.
Glenn J. Chamandy, Gildan’s co-founder, president and CEO, commented, “I’m extremely excited to return as Gildan’s CEO and am gratified for the incredible support I have received from both shareholders and employees over the past six months. I’m proud of our dedicated employees for their hard work and focus through a tumultuous period. The resilience of the team and the high quality of our newly seated Board give me great confidence that Gildan’s best days are yet to come.”
Chamandy received a vote of confidence at the company’s Annual Meeting this week, receiving 83.6 percent “Yes” votes for his appointment to the Board.
The founder was ousted from his Board seat and CEO post in early December 2023, setting off a six-month saga of charges and counter-charges from the former Board and its chairman. Chamandy was replaced by a new CEO as the Board attempted to right the Gildan ship faltering through the process. A group of investment firms, estimated to represent nearly 40 percent of voting shares of Gildan, pressed the old Board and its chair on the moves, and ultimately garnered enough support to re-formulate the entire Board of Directors.
As a result of the resignation on May 23 of the prior Board directors of the company and their decision not to present themselves for election at the annual meeting, only eight director nominees, being all of the current directors of the company, namely Michael Kneeland, Glenn J. Chamandy, Michener Chandlee, Ghislain Houle, Mélanie Kau, Peter Lee, Karen Stuckey and J.P. Towner, were presented for election at the annual meeting.
Michael Kneeland, Gildan’s chair of the Board, commented, “Gildan has an impressive 40-year history anchored by strong long-term operating results, an outstanding employee base, and a founder who has demonstrated a clear ability to oversee an increasingly global business and has an unrivaled track record of value creation. It is an honor to be joining Gildan as chair alongside Glenn and the entire slate of directors. We look forward to putting this contest behind us so that we can focus our energy on implementing our operating plan and positioning Gildan for long-term success. As independent directors, we will help usher in accountability and alignment at Gildan. The interests of the company and its stakeholders will remain relentlessly in focus under the new Board.”
Image courtesy Gildan Activewear
