Gildan Activewear Publishes Investor Presentation Highlighting Critical Reasons to Vote for Its Director Nominees at Upcoming Annual Meeting

Rhea-AI Summary

Gildan Activewear (GIL) has released an investor presentation to support its director nominees ahead of the 2024 Annual Meeting on May 28, 2024. The presentation emphasizes the need for leadership change, criticizing former CEO Glenn Chamandy’s lack of a credible growth strategy. The board supports Vince Tyra as the new CEO, highlighting his track record in value creation and talent development. The presentation also criticizes Browning West’s nominee Peter Lee as unqualified. Shareholders are encouraged to vote using the BLUE proxy card and avoid Browning West's gold proxy card.

Positive

• Gildan highlights the appointment of Vince Tyra, noting his strong track record in value creation and talent development.
• The board is described as strong, experienced, balanced, and recently refreshed, positioning them as best to serve all shareholders.
• The investor presentation is accessible online, providing transparency around the upcoming Annual Meeting and CEO succession planning.

Negative

• The press release criticizes former CEO Glenn Chamandy for lacking a credible growth strategy and prioritizing personal interests over the company.
• Browning West’s nominee Peter Lee is labeled as unqualified, indicating potential internal conflicts within the company.

• Board Urges Shareholders to Vote “FOR” ALL of Gildan’s Recommended Qualified and Experienced Director Nominees on the BLUE Proxy Card
• Vote Today! For questions or help with voting, call 1-888-518-6813 (toll free in North America), text or call 437-561-5012, email contactus@kingsdaleadvisors.com or visit www.futureofgildan.com

MONTREAL, May 17, 2024 (GLOBE NEWSWIRE) -- Gildan Activewear Inc. (GIL; TSX and NYSE) today announced that it has published an investor presentation, entitled “New, Focused CEO and Refreshed Board Delivering for All Gildan Shareholders”, in connection with its upcoming 2024 Annual Meeting of Shareholders (the “2024 Annual Meeting”) to be held on May 28, 2024. The investor presentation will be available at https://www.futureofgildan.com and on the Company’s 2024 Annual Meeting page.

Key topics from the presentation include:

1. Why leadership change at Gildan was overdue and why Glenn Chamandy’s lack of a credible growth strategy and willingness to put his own interests ahead of Gildan’s makes clear that he is not the right person to lead Gildan.
   
2. Why Vince Tyra’s skills, experience, value creation track record, and proven ability to attract and develop talent make him the right CEO to move Gildan forward.
   
3. Why Gildan’s strong, experienced, balanced, and recently refreshed Board of Directors are best positioned to serve all Gildan shareholders.
   
4. Why Browning West’s Peter Lee is clearly not qualified to serve as a Gildan director.
   

For more background on the CEO succession planning process and Board minutes, please see Gildan’s Supplemental Disclosure on CEO Succession Planning.

As a reminder, we look forward to seeing you at the 2024 Annual Meeting and for the opportunity to answer your questions, but if you cannot attend, it is important that your shares be represented. Whether or not you plan to attend the 2024 Annual Meeting, we urge you to read the Management Information Circular carefully and to vote FOR ALL the recommended Gildan director nominees by using the enclosed BLUE proxy and NOT to vote for Browning West’s director nominees other than Karen Stuckey and J.P. Towner. We encourage shareholders to disregard any gold proxy card sent to you by Browning West. Only the latest dated proxy card will count at the Annual Meeting. As Gildan is using a “universal” proxy containing all the Gildan nominees as well as the other nominees proposed by Browning West, there is no need to use any other proxy regardless of how you propose to vote.

Thank you for your continued support of Gildan and please vote the BLUE proxy card today.

VOTE THE BLUE PROXY CARD TODAY

Questions? Need help Voting?
Contact Kingsdale Advisors at 1-888-518-6813 or by email at contactus@kingsdaleadvisors.com

Don’t wait – Vote your BLUE proxy today!

Caution Concerning Forward-Looking Statements
Certain statements included in this press release constitute “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and Canadian securities legislation and regulations and are subject to important risks, uncertainties, and assumptions. This forward-looking information includes, amongst others, information with respect to our objectives and strategies to achieve these objectives. Forward-looking statements generally can be identified by the use of conditional or forward-looking terminology such as “may,” “will,” “expect,” “intend,” “estimate”, “project”, “assume”, “anticipate”, “plan”, “foresee”, “believe”, or “continue”, or the negatives of these terms or variations of them or similar terminology. We refer you to the Company’s filings with the Canadian securities regulatory authorities and the U.S. Securities and Exchange Commission, as well as the risks described under the “Financial risk management”, “Critical accounting estimates and judgments”, and “Risks and uncertainties” sections of the Company’s Management’s Discussion and Analysis for the year ended December 31, 2023 (“FY2023 MD&A”) for a discussion of the various factors that may affect these forward-looking statements. Material factors and assumptions that were applied in drawing a conclusion or making a forecast or projection are also set out throughout such document.

Forward-looking information is inherently uncertain and the results or events predicted in such forward-looking information may differ materially from actual results or events. Material factors, which could cause actual results or events to differ materially from a conclusion or projection in such forward-looking information, include, but are not limited to changes in general economic, financial or geopolitical conditions globally or in one or more of the markets we serve, including the pricing and inflationary environment, and our ability to implement our growth strategies and plans, as well as those factors listed in the FY2023 MD&A under the “Risks and uncertainties” section and “Caution regarding forward-looking statements” sections. These factors may cause the Company’s actual performance in future periods to differ materially from any estimates or projections of future performance expressed or implied by the forward-looking statements included in this press release.

There can be no assurance that the expectations represented by our forward-looking statements will prove to be correct. The purpose of the forward-looking statements is to provide the reader with a description of management’s expectations regarding the Company’s future financial performance and may not be appropriate for other purposes. Furthermore, unless otherwise stated, the forward-looking statements contained in this press release are made as of the date of this press release, and we do not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events, or otherwise unless required by applicable legislation or regulation. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement.

About Gildan
Gildan is a leading manufacturer of everyday basic apparel. The Company’s product offering includes activewear, underwear and socks, sold to a broad range of customers, including wholesale distributors, screenprinters or embellishers, as well as to retailers that sell to consumers through their physical stores and/or e-commerce platforms and to global lifestyle brand companies. The Company markets its products in North America, Europe, Asia Pacific, and Latin America, under a diversified portfolio of Company-owned brands including Gildan^®, American Apparel^®, Comfort Colors^®, GOLDTOE^® and Peds^®.

Gildan owns and operates vertically integrated, large-scale manufacturing facilities which are primarily located in Central America, the Caribbean, North America, and Bangladesh. Gildan operates with a strong commitment to industry-leading labour, environmental and governance practices throughout its supply chain in accordance with its comprehensive ESG program embedded in the Company's long-term business strategy. More information about the Company and its ESG practices and initiatives can be found at www.gildancorp.com.

FAQ

What is the purpose of Gildan Activewear's investor presentation?

Gildan Activewear's investor presentation aims to support its director nominees ahead of the 2024 Annual Meeting and to encourage shareholders to vote using the BLUE proxy card.

When is Gildan Activewear's 2024 Annual Meeting?

Gildan Activewear's 2024 Annual Meeting is scheduled for May 28, 2024.

Who is Gildan Activewear recommending for the new CEO role?

Gildan Activewear is recommending Vince Tyra for the new CEO role, citing his value creation track record and talent development skills.

Why is Gildan Activewear critical of former CEO Glenn Chamandy?

Gildan Activewear criticizes Glenn Chamandy for lacking a credible growth strategy and prioritizing his own interests over the company's.

What is Gildan Activewear’s stance on Browning West's director nominees?

Gildan Activewear advises shareholders to vote against Browning West's director nominees, except for Karen Stuckey and J.P. Towner, and to disregard the gold proxy card.