By Robb M. Stewart
Gildan Activewear, a prominent clothing manufacturer, is taking steps to regain stability in the wake of its previous CEO's departure. The company has announced that Vince Tyra will now assume the role of president and CEO on Monday, earlier than initially planned. Tyra's adjustment of his start date comes as a response to requests for earlier engagement with company stakeholders.
Amidst these developments, the board of directors at Gildan has been confronting pressure from Browning West, a long-time shareholder, who advocates for the reinstallation of Glenn Chamandy as the CEO. However, the board has stood behind their choice of Tyra and defended his appointment.
In a recent letter to shareholders, Gildan directors expressed their waning trust and confidence in Chamandy, resulting in his removal from the top office. The catalyst for this decision was allegedly Chamandy's threat to resign unless the board approved a multi-billion dollar acquisition strategy. Chamandy, who co-founded the Montreal-based apparel company with his brother Greg Chamandy and led the brand for four decades, refutes the allegations, stating that his contract was unjustifiably terminated and denying any ultimatum made to the board.