Consumer
Gildan Spent $77 Million on Proxy Fight Over CEO Chamandy
- Shares hit intraday record after on solid earnings, outlook
- Vince Tyra’s brief tenure netted him $15.3 million severance
Glenn Chamandy and Michael Kneeland, chair of Gildan Activewear Inc., during a news conference in Montreal, Quebec, on May 28.
Photographer: Graham Hughes/BloombergThis article is for subscribers only.
Apparel maker Gildan Activewear Inc. racked up $77 million in costs in a battle with shareholders that led to the reinstatement of Chief Executive Officer Glenn Chamandy after a five-month absence.
The expenses included $15.3 million in severance for Vince Tyra, who became CEO in January and departed in May when a pro-Chamandy group of shareholders won a vote and installed a new board. The itemized tally was included in Gildan’s second-quarter earnings statement released Thursday.