Gildan Activewear, a Canadian apparel manufacturing company based in Montreal, Quebec, announced on Monday that it has appointed Vince Tyra as its new Chief Executive Officer. This move comes as a replacement for the long-time head, Glenn Chamandy.
At 10:12 a.m. ET, Gildan Activewear's shares in Toronto experienced a significant drop of nearly 13%, reaching 43.41 Canadian dollars ($31.96).
In a statement, Chamandy expressed his disappointment in the termination of his contract without cause. Chamandy, who co-founded the company with his brother Greg Chamandy, has dedicated four decades of service to Gildan Activewear.
Chamandy stated, "Yesterday, I received notice from the Chairman of Gildan Activewear's Board of Directors that the Company was terminating my employment agreement without cause. It is unfortunate that my vision of the path forward has differed from that of other Board members."
Vince Tyra will assume the role of CEO on February 12th. In the meantime, Crag Leavitt, a board member since 2018, has been appointed as an interim CEO until Tyra's official appointment.