MONTREAL, May 29, 2024 (GLOBE NEWSWIRE) -- Gildan Activewear Inc. (GIL: TSX and NYSE) is committed to returning capital to shareholders via share buybacks and dividends as a key element of its capital allocation program. As previously indicated, the Company planned on resuming share repurchases following the Annual General Meeting of shareholders which occurred on May 28, 2024. Consequently, Gildan's newly reconstituted Board of Directors has now approved the resumption of share repurchases and an amended n ...

MONTRÉAL, May 29, 2024 (GLOBE NEWSWIRE) -- Gildan Activewear Inc. (GIL: TSX and NYSE) ("Gildan" or the "Company") today announced that the eight director nominees, being all of the existing directors of the Company following the resignation on May 23, 2024 of the prior members of the board of directors, were elected as directors of the Company for the ensuing year by an overwhelming majority of the votes cast by shareholders, in-person, and by proxy, at its annual meeting of shareholders held on May 28, 202 ...

Core Points - Gildan Activewear Inc. announced the election of eight director nominees, all of whom are existing directors, following the resignation of prior board members before the annual meeting [1] - The majority of shareholders voted in favor of the non-binding advisory vote on Executive Compensation and the reappointment of auditors, while a majority opposed a shareholder proposal [2] Voting Results - The appointment of auditors received 129,803,676 votes in favor (95.35%) and 6,330,249 votes against (4.65%) [3] - The election of directors showed varying support, with Michael Kneeland receiving 114,088,449 votes in favor (85.37%) and 19,552,254 against (14.63%), while Karen Stuckey had the highest support with 132,484,543 votes in favor (99.00%) [3] - The advisory vote on Executive Compensation garnered 96,994,211 votes in favor (73.77%) and 34,481,778 against (26.23%) [3] - The shareholder proposal received only 17,778,970 votes in favor (13.52%) against 113,679,318 votes opposed (86.48%) [3] Company Overview - Gildan is a leading manufacturer of everyday basic apparel, including activewear, underwear, and socks, serving a diverse customer base [4] - The company operates large-scale, vertically integrated manufacturing facilities primarily located in Central America, the Caribbean, North America, and Bangladesh, with a strong commitment to ESG practices [5]

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 portfo ...

MONTREAL, May 24, 2024 (GLOBE NEWSWIRE) -- Gildan Activewear Inc. (GIL: TSX and NYSE) ("Gildan" or the "Company") announced today that the Board of Directors has appointed Glenn J. Chamandy as President and Chief Executive Officer and Michael Kneeland as non-executive Chair of the Board, each effective immediately. Gildan will hold its previously announced annual meeting of shareholders on Tuesday May 28 at 10:00AM EDT. As a result of the resignation on May 23 of the prior directors of the Company and their ...

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]