Chamandy Returns as Gildan President and CEO

MONTREAL, CANADA (May 24, 2024) – Gildan’s Board of Directors appointed Glenn J. Chamandy as President and Chief Executive Officer and Michael Kneeland as non-executive Chair of the Board, each effective immediately.

Gildan announced on May 23 that its full Board of Directors resigned and Vince Tyra stepped down as President and CEO after three months, effective immediately. Chamandy was Gildan’s co-founder and was fired as president and CEO in December 2023.

“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,” Chamandy said. “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.”

Gildan announced Chamandy and Kneeland were among the eight director nominees who were elected as directors for the ensuing year by an overwhelming majority of shareholder votes at the annual meeting on May 28. Chamandy received 83.6 percent of votes in favor, Kneeland was at 85.4 percent and the other six directors were between 83 and 99 percent.

“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,” Kneeland said. “It is an honour 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.”

The outgoing directors believed it was in the best interests of all Gildan stakeholders for them to resign and not stand for election at its annual meeting, allowing the new board to be seated so it can oversee Gildan in the most orderly and efficient manner, according to release from the company.