Gildan Board of Directors Resigns
Gildan Activewear (GIL) has undergone significant leadership changes with the resignation of its entire Board of Directors and the stepping down of Vince Tyra as President and CEO, effective May 23, 2024. Browning West nominees will replace the outgoing Board members. Additionally, the previously announced sale process has been canceled. This decision aligns with shareholders' feedback ahead of the May 28, 2024 Annual Meeting. The outgoing directors believe this transition is in the best interest of all stakeholders, ensuring a smooth and efficient changeover for the new Board to guide the company forward.
- New Board of Directors appointed by Browning West is expected to bring fresh perspectives.
- Leadership change aligns with shareholders' interests and feedback.
- Smooth transition plan aims to ensure efficient company oversight.
- Complete Board of Directors resignation could indicate internal instability.
- CEO Vince Tyra stepping down may lead to uncertainty in company direction.
- Cancellation of the sale process may disappoint investors looking for a merger or acquisition.
- Vince Tyra has Stepped Down as President and CEO
- Sale Process has Ceased
MONTREAL, May 23, 2024 (GLOBE NEWSWIRE) -- Gildan Activewear Inc. (GIL: TSX and NYSE) (“Gildan” or “the Company”) today announced that the full Board of Directors has resigned, and Vince Tyra has stepped down as President and Chief Executive Officer, effective at the end of the day. The outgoing Board has appointed Browning West nominees to the Board of Directors, effective at that time. The outgoing Board has ceased discussions regarding the previously announced sale process.
Shareholders have made their views clear as we approach the May 28, 2024 Annual Meeting. The outgoing directors believe that it was in the best interests of all Gildan stakeholders for them to resign and not stand for election at the upcoming Annual Meeting, allowing the new Board to be seated so that it can oversee the Company in the most orderly and efficient manner. The outgoing directors wish the new directors, the management team, Gildan’s 45,000 employees, and its shareholders success in the future.
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, the United States, 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.
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