Glenn Chamandy, the former CEO of Gildan Activewear Inc., issued a statement denying media reports that he gave an ultimatum to the activewear company’s board regarding strategy or potential acquisitions. He also denied that he was involved in succession planning.

According to a report by Bloomberg News, Chamandy had pushed the board to back a strategy of big acquisitions before he was ousted from the company, citing Gildan director Luc Jobin. Donald C. Berg, chair of Gildan’s Board of Directors, in a statement issued early Monday indicated Chamandy was involved in succession planning.

Chamandy said Monday in a statement, “Contrary to media reports, I gave no ultimatum to Gildan’s board with respect to any strategy or potential acquisitions.

“This is a sideshow to distract from the reaction the shareholders have had with respect to the board’s handling of succession planning, in which I was not involved. I did not and could not orchestrate or control the events; the board conducted the process.

“I do believe, it is essential that a leadership transition be conducted in a manner consistent with Gildan’s successful track record. Preserving our talent, culture and expertise – the pillars of our success – is vital. Obviously considering shareholder engagement is integral to the decision-making process.”

Last week, Gildan Activewear made a surprise announcement that it appointed Vince Tyra to the role of chief executive to replace Chamandy. The company at the time didn’t disclose under what circumstances Chamandy had left. In a follow-up statement on December 11 by Chamandy, he responded that his contract was terminated without cause, citing a differing vision of the company’s path forward which differed from that of other board members.

The Canadian investment management firm Turtle Creek Asset Management and Browning West, both longtime shareholders in Gildan, on December 15 issued a letter to Gildan’s Board urging it to reverse its termination of Chamandy and reappoint him as CEO of the company

Earlier on Monday, Gildan announced an agreement with Coliseum Capital Management, LLC, under which Coliseum will support Gildan’s full slate of Board nominees at each of the 2024 and 2025 Annual Meetings of Shareholders. Coliseum also intends to invest further in Gildan through market purchases during insider open window periods.  Co-founder and Managing Partner Chris Shackelton will join Gildan’s Board of Directors, effective December 17.

Chamandy co-founded the Canadian apparel manufacturing company in Montreal alongside his brother Greg Chamandy, and served there for four decades.

Photos courtesy Gildan