Gildan Activewear’s Board of Directors turned its ongoing tit-for-tat fight with investors over the ouster of former CEO Glenn Chamandy into a game of chess, taking the extraordinary move to bring its chosen CEO, Vince Tyra, in early.
Tyra will now assume the role of president and CEO of Gildan Activewear, Inc. on January 15, 2024.
The company said that “at the Board’s request, Tyra made himself available to move the original agreed-upon start date from February 12 to respond to requests to engage early with key stakeholders and bring needed stability and leadership to the company as it embarks on its next chapter of success.”
“When the Board began the external phase of the CEO search back in May 2023, we knew that scaling the company in an increasingly complex and competitive environment demanded a hands-on CEO with fresh ideas, deep apparel experience, a keen understanding of manufacturing, and expertise in areas like marketing, merchandising and product development. After a robust selection process that evaluated both internal and external candidates, we selected Vince as the next chief executive of Gildan Activewear,” said Donald C. Berg, chairman of the Board.
The hire comes in response to the latest moves and demands of a group of investors representing approximately 40 percent of shareholders to reinstate Glenn Chamandy and terminate the agreement with Vince Tyra.
Investor Browning West, which owns approximately 5 percent of GIL shares, on January 9 requisitioned a Special Meeting of Shareholders to allow shareholders to reconstitute Gildan’s Board of Directors.
In the latest letter from Browning West, the company disclosed that it had expanded its slate of director candidates to eight members and was seeking to remove a majority of the sitting directors.
The Special Meeting of Shareholders was proposed to convene without delay to allow shareholders to install the following qualified individuals: Michael Kneeland, Glenn Chamandy, Michener Chandlee, Ghislain Houle, Mélanie Kau, Peter Lee, Karen Stuckey, and J.P. Towner.
Browning West expressed that “significant change is urgently needed at Gildan to protect long-term shareholder value.”
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Read more SGB Media coverage of the Gildan saga, below.
Gildan Board Saga Continues as Shareholders Look to Take Action
Gildan Board Responds to CEO Ouster Backlash Coming from One-Third of Shareholders
Gildan Investor Wildfire Spreads as More Firms Join the Call to Reinstate CEO
