Consumer

Gildan’s Entire Board Resigns, Handing Victory to Activist Browning West

Move allows Browning West to bring back Chamandy as CEO
Departing board has ceased any talks on potential sale

Gildan apparel at a store in Montreal, Quebec, Canada.
Photographer: Graham Hughes/Bloomberg

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By Thomas Seal and Mathieu Dion

May 23, 2024 at 10:11 PM UTC

Updated on

May 24, 2024 at 11:41 AM UTC

This article is for subscribers only.

Gildan Activewear Inc.’s entire board of directors and Chief Executive Officer Vince Tyra quit, conceding defeat after a bruising five-month battle with an activist shareholder over the future of the Canadian clothing maker.

The mass resignation is a victory for Los Angeles-based investment firm Browning West LP, owner of about 5% of Gildan’s shares. It gains control of the board, installing United Rentals Inc. Chair Michael Kneeland as chair and reinstating Glenn Chamandy as CEO.