Consumer
Gildan Board Says Fired CEO Chamandy Was Distracted by Deals, Golf Resort
- Directors say executive became focused on ‘personal pursuits’
- Shareholder Turtle Creek says the board has ‘lost touch’
The company is the subject of an unusual, and increasingly bitter, feud between the board and several large investors over who should run the company.
Photographer: Graham Hughes/BloombergThis article is for subscribers only.
The board of Gildan Activewear Inc. is digging in for a fight against major shareholders who are pressuring the clothing manufacturer to bring back fired Chief Executive Officer Glenn Chamandy.
Gildan directors publicly attacked Chamandy’s track record and strategies in a letter released Monday, saying they are unanimous in their belief that keeping the longtime executive “would have jeopardized the future of Gildan and destroyed shareholder value.”