Canadian apparel maker Gildan Activewear said Thursday its board of directors has resigned and its CEO Vince Tyra has stepped down to be replaced by former top boss Glenn Chamandy. The company's US-listed shares rose more than 4% on Friday. The outgoing directors appointed the nominees of activist investor Browning West to the board and ceased discussions on the previously announced sale process. The clothing maker's board has been clashing with Browning West and seven other investors that own a total of 35 ...

Gildan Activewear said on Thursday that its entire 12-person board would resign immediately in favor of activist Browning West's eight nominees, abruptly ending a contentious proxy battle and restoring former CEO Glenn Chamandy to the company he founded. Browning West along with a significant number of Gildan shareholders had been fighting to bring back Chamandy as CEO, after he was ousted in December in favor of Vince Tyra, who was brought in from Houchens Industries. The activist firm later claimed Gildan ...

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 v ...

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 v ...

Core Insights - Investors in the Textile - Apparel sector may consider Gildan Activewear (GIL) or Kontoor Brands (KTB) as potential undervalued stocks [1] Valuation Metrics - GIL has a forward P/E ratio of 12.18, while KTB has a forward P/E of 15.06 [5] - GIL's PEG ratio is 1.35, compared to KTB's PEG ratio of 1.88, indicating GIL may offer better value relative to its expected earnings growth [5] - GIL's P/B ratio stands at 3.13, whereas KTB's P/B ratio is significantly higher at 10.27 [6] - Based on these valuation metrics, GIL is rated as a superior value option with a Value grade of B, while KTB has a Value grade of C [6] Earnings Outlook - Both GIL and KTB currently hold a Zacks Rank of 2 (Buy), indicating positive earnings estimate revisions and an improving earnings outlook for both companies [3]

Company Overview - Gildan is a leading manufacturer of everyday basic apparel, offering products such as activewear, underwear, and socks sold to wholesale distributors, screenprinters, retailers, and global lifestyle brand companies [11] - The company markets its products under brands including Gildan®, American Apparel®, Comfort Colors®, GOLDTOE®, and Peds® across North America, Europe, Asia Pacific, and Latin America [11] - Gildan operates vertically integrated, large-scale manufacturing facilities primarily located in Central America, the Caribbean, North America, and Bangladesh [12] - The company emphasizes industry-leading labor, environmental, and governance practices as part of its ESG program integrated into its long-term business strategy [12] Leadership and Governance - Gildan has announced a new CEO, Vince Tyra, citing his skills, experience, value creation track record, and ability to attract and develop talent as key reasons for his appointment [8] - The company has refreshed its Board of Directors, emphasizing their strong, experienced, and balanced composition to serve all shareholders [8] - Gildan urges shareholders to vote FOR all recommended director nominees on the BLUE proxy card and to disregard any gold proxy card sent by Browning West [3][7] - The company highlights that Glenn Chamandy, the previous CEO, lacked a credible growth strategy and prioritized his own interests over Gildan's, making the leadership change overdue [8] Shareholder Engagement - Gildan has published an investor presentation titled "New, Focused CEO and Refreshed Board Delivering for All Gildan Shareholders" in preparation for the 2024 Annual Meeting [1] - The presentation and additional materials, including CEO succession planning details, are available on the company's website and the 2024 Annual Meeting page [1][2] - Shareholders are encouraged to vote using the BLUE proxy card and to avoid voting for Browning West's director nominees, except for Karen Stuckey and J-P Towner [3][7] - The company is using a universal proxy card containing all Gildan nominees and Browning West's nominees, simplifying the voting process [3]

Gildan's newly refreshed Board contains the right mix of fresh perspectives, historical continuity, and investor input – including five newly-refreshed independent directors, and four incumbent independent directors. Continuing the Board's track record of significant refreshment over the past several years, this new slate is strong, engaged, and diverse, with a balanced mix of experience, skills, and leadership expertise to execute the Company's strategy and enhance value for all shareholders. Gildan Active ...

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 13, 2024 (GLOBE NEWSWIRE) -- Gildan Activewear Inc. (GIL; TSX and NYSE) today announced that it has published an investor presentation, entitled "Successfully Driving Lon ...

MONTRÉAL, May 08, 2024 (GLOBE NEWSWIRE) -- Gildan Activewear Inc. (GIL: TSX and NYSE) ("Gildan" or the "Company") announced today that it has reached an agreement to issue CAD$200 million aggregate principal amount of senior unsecured notes to Caisse de dépôt et placement du Québec ("CDPQ") on a private placement basis. The notes will bear interest at a rate of 6.0% per year and will mature 5 years from the issuance date. Gildan intends to use the net proceeds of the issuance to fund its common share repurc ...

2024 First Quarter Shareholder Report | Contents | | | --- | --- | | MD&A | | | 1.0 Preface | 2 | | 2.0 Caution regarding forward-looking statements | 2 | | 3.0 Our business | 4 | | 4.0 Strategy | 7 | | 5.0 Operating results | 8 | | 6.0 Financial condition | 18 | | 7.0 Cash flows | 20 | | 8.0 Liquidity and capital resources | 22 | | 9.0 Legal proceedings | 26 | | 10.0 Financial risk management | 27 | | 11.0 Critical accounting estimates and judgments | 27 | | 12.0 Accounting policies and new accounting stan ...