Gildan's board resigns en masse as activist investor triumphs
BNN Bloomberg
Gildan Activewear Inc.’s entire board of directors and Chief Executive Officer Vince Tyra resigned on Thursday, marking a dramatic victory for activist shareholder Browning West LP.
The mass resignation means Los Angeles-based Browning West will take control of the board, install Michael Kneeland as chair and bring back former CEO Glenn Chamandy under a new strategy.
Gildan’s board made the decision after “shareholders made their views clear” in advance of an investor meeting scheduled for May 28. The company has also halted a previously-announced sale process, it said in a statement.
Gildan, one of the world’s largest makers of affordable T-shirts and owner of the American Apparel brand, has spent the past five months embroiled in a toxic boardroom battle over its direction. Browning West, which owns about 5 per cent of the company, launched a campaign to eject the board after it fired Chamandy in a disagreement over strategy and succession.
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