The board of directors at Gildan Activewear Inc. announced that Vince Tyra started his role as president and chief executive officer on Jan. 15, despite initially set to take over the brand on Feb. 12.

Credit: Gildan

Amid much back and forth between shareholders, the board, and Gildan’s former president and CEO Glenn Chamandy about Chamandy’s departure from Gildan, the board requested Tyra start early. The hope is that Tyra can engage with “key stakeholders and bring needed stability and leadership to the company as it embarks on its next chapter of success,” a press release states.

When the search began for a new CEO in May of 2023, Gildan looked for a CEO who could bring hands-on leadership, new ideas, and industry experience, in addition to manufacturing understanding and marketing, merchandising, and product development expertise, according to Donald C. Berg, chairman of the board.

While the apparel brand evaluated internal and external candidates, Gildan says few could demonstrate their leadership talents across a range of industries and challenges. Tyra was that candidate, and Gildan notes his financial acumen, sound management, and ability to build and motivate teams around a shared strategy and vision as the throughline of his career.

Some highlights from his career include:

• Investing in and growing his own activewear business in his 20s — utilizing Gildan as a key supplier
• Being promoted to president at Fruit of Loom — carrying out a restructuring plan that put the company on solid financial footing
• Serving as CEO of Broder Bros. (alphabroder) for six years —  tripling revenue
• Serving on the board of directors for 10 companies — stepping in as interim CEO at three of them
• Fixing the scandal-troubled Athletics Program at the University of Louisville — establishing a new culture of compliance and rebuilding the sports program

“With almost 30 years of private equity investing experience, I have worked with countless CEOs in multiple industries. Vince was in the top tier of those executives given his leadership strengths, ability to build strong teams and culture, financial performance, acquisition experience, and solid character. … Gildan is very fortunate to have Vince as its next leader. I have tremendous confidence in the company’s future under his stewardship,” said Yoo Jin Kim, former principal at Bain Capital.

In 2017, when Tyra rebuilt the Athletics Program at the University of Louisville, he replaced coaches, negotiated the stadium naming rights, set new fundraising records, oversaw the highest graduation rate, stabilized the department’s finances, and established a Leadership Development Program at the Business School that has trained hundreds of senior executives.

Most recently, Tyra oversaw corporate strategy for Houchens Industries, a $4 billion revenue employee-owned holding company. Dion Houchins, CEO and chairman of Houchens, said: “Vince’s ability to drill down into the complexities of a business and make a sound evaluation is a skill set honed by over 35 years of high-level business experience. Vince was the right person at the right time for Houchens, and we are a stronger company for having had him. Given the right tools and proper support, Gildan employees and shareholders will see similar benefits from his leadership. Vince is a business professional in every sense of the word.”

The Gildan board of directors welcomes Tyra to Montreal and looks forward to working with him as he builds on Gildan’s foundation and positions the company for continued success.

Jan. 16 Update:

On Jan. 16, Gildan Activewear provided additional information about its former CEO Glenn Chamandy’s conduct near the time of his removal on Dec. 10, 2023. The statement shares details of one undisclosed relationship between Chamandy and a shareholder who is calling for his reinstatement, but the company is investigating others.

The new information, much of it obtained via Chamandy’s files and electronic information following his departure, supports the board’s gradual loss of trust and confidence in Chamandy, according to the press release. In its Jan. 8, 2024 letter, the board explained how Chamandy became disengaged as CEO as he took on outside personal pursuits, including developing a luxury golf resort in Barbados.

The latest statement shares that Chamandy:

• “Sent on average no more than a handful of work emails a day and had few business-related meetings diarized on his calendar.”
• “Failed to disclose that he had invested in funds managed by a Gildan shareholder who has now come out in support of reinstalling Mr. Chamandy as CEO. A senior executive of that shareholder also purchased a multi-million-dollar property at Apes Hill, the private golf resort in Barbados owned by Mr. Chamandy.”
• Has “a close relationship with Browning West, the activist hedge fund now leading the aggressive and misleading campaign to reinstall him as CEO. He was invited to be one of the guest speakers at the hedge fund’s February 2023 Investor Day, and while Browning West has been invested in Gildan for years, Mr. Chamandy appears to have treated Browning West differently than other Gildan shareholders.”

On Nov. 8, 2023, a week after Chamandy proposed an acquisition plan to the board and for them to keep him as CEO, he welcomed the co-founders of Browning West, and several Browning West investors, on an exclusive visit to the Gildan manufacturing plant in Honduras. Gildan says it has no record in recent history of other Gildan shareholders and their investors getting an invite of this kind.

On Saturday, Nov. 25, 2023, Chamandy sent the board an ultimatum letter to approve his multi-billion-dollar acquisition strategy and succession plan. The next day, on Sunday, Nov. 26, before the board responded, Chamandy started moving out of his office, Gildan says.

Gildan does not plan to hold its Annual General Meeting of Shareholders “as late as Fall 2024,” as Browning West has said. “That is false,” the Gildan statement reads. “The Company will respond to the requisition in due course.”

Jan. 17 Response from Glenn Chamandy

In response to the above information, Chamandy released a statement on Jan. 17, stating:

“Over the years, Gildan’s executive team and I dedicated ourselves to fostering relationships with our stakeholders, grounded in confidence and trust. These efforts were instrumental in establishing a company that is not only respected but also deeply trusted by its shareholders, customers, and employees.

It is with regret that I observe the board’s current focus on a strategy seemingly aimed at undermining my reputation and my record through insinuation and distortion of the truth. The board’s latest release barely warrants a response. It continues to reflect an approach that is misguided, misleading, and value-destructive, prioritizing the obsession of board members with their own reputations above all else. It is imperative that the board refocus its efforts and priorities toward recovering the loss of value for which it is responsible – and listening to shareholders, a goal that benefits all stakeholders. This must be done forthwith to avoid further detriment to Gildan.”