Gildan CEO Glenn Chamandy revealed at a news conference that the prolonged five-month conflict between shareholders and the board had cost the company millions of dollars.
Chamandy returned to the CEO position in May following the resignation of his successor, Vince Tyra, and the company’s board of directors. This leadership change came after shareholders, led by 5% shareholder Browning West, voted overwhelmingly in favor of a plan to replace the board.
In a statement upon his reinstatement, Chamandy expressed his excitement about returning as CEO and gratitude for the support he received from shareholders and employees over the past six months. He praised the dedication of Gildan’s employees during this turbulent period and expressed confidence in the resilience of the team and the quality of the newly seated board, believing that Gildan’s best days are ahead.
Chamandy has described the dispute with Gildan’s board as very challenging. He conveyed his disappointment with how the board managed the situation, noting the personal toll it took on him and his family, as well as the difficulties it caused for the company’s employees and shareholders.
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