Gildan Activewear Announces Leadership Changes - Vince Tyra Appointed as President and CEO; Glenn Chamandy Leaving
11 Décembre 2023 - 12:00PM
Gildan Activewear Inc. (GIL: TSX and NYSE) (“Gildan” or “the
Company”) today announced that Glenn J. Chamandy has left his
position as President and Chief Executive Officer and director of
the Company. Vince Tyra has been appointed President and CEO
effective February 12, 2024. Craig A. Leavitt, a director of the
Company since 2018, will serve as Interim President and Chief
Executive Officer until Mr. Tyra assumes his new position. “The
Board is confident that Vince is the right person to lead the
Company into the next stage of its evolution and growth. He has an
extensive career as a global organization leader with experience as
an apparel industry executive, an operator, an investor and
transitioning founder-led companies. Vince’s diverse
professional background will provide the necessary leadership
skills to propel Gildan to even greater success,” said Donald C.
Berg, Chairman of the Board.“Over the span of his 40 year career,
Glenn has been a forerunner in our industry, taking Gildan from a
small family-owned business to a leading apparel company with over
US$3 billion in revenues,” said Mr. Berg. “We thank Glenn for his
service and wish him well.”The Company remains fully focused on the
Gildan Sustainable Growth strategy and its three key pillars:
Innovation, Capacity-driven growth and ESG. As such, we look to
continue leveraging our core strengths and reinforcing what we do
best -large-scale, low cost, vertically integrated
manufacturing.Mr. Tyra stated, “I am looking forward to joining
Gildan early in the new year. It is a truly iconic business with an
unparalleled global reputation. I look forward to working closely
with the Board and the senior executive team, and all of the
extremely talented employees to leverage their knowledge and
expertise so that we continue maximizing value for all of Gildan’s
stakeholders.”Throughout a career spanning leadership roles in the
apparel and investment sectors, Vince has demonstrated an
exceptional ability to drive growth and shareholder value, while
building strong teams and key relationships with a diverse range of
stakeholders. Vince brings to Gildan a deep understanding of the
apparel industry from manufacturing processes to distribution and
brand building. He led alphabroder where he spearheaded the
transformation of the business through a merger and during his six
years as CEO, he tripled alphabroder’s revenue, making it the
industry leader. Before alphabroder, Vince was President of Fruit
of the Loom, where he led a turnaround of the company culminating
in its sale to Berkshire Hathaway. Vince also brings strong
financial acumen. He was an Operating Partner at Southfield
Capital, where he was a member of the Investment Committee. Most
recently, he served at Houchens Industries as Senior Vice President
of Corporate Strategy and Mergers and Acquisitions, leading the
strategic growth of this US $4 billion in revenue holding company,
through investments in various industry sectors including consumer
products and retail. He also served as the University of
Louisville’s Vice President and Director of Intercollegiate
Athletics, establishing a new culture of excellence and compliance,
while orchestrating the rebuilding of this major NCAA athletics
program.“In my brief tenure as Interim President and CEO, it will
be my privilege to work with this great team to ensure continued
orderly operations of this highly profitable enterprise and ensure
a successful transition for Vince as our new leader. Gildan is well
positioned to build upon our strong market share and best in class
capabilities,” said Craig A. Leavitt, Board member and new Interim
CEO.
Caution Concerning Forward-Looking
StatementsCertain statements included in this press
release constitute “forward-looking statements” within the meaning
of the U.S. Private Securities Litigation Reform Act of 1995 and
Canadian securities legislation and regulations and are subject to
important risks, uncertainties, and assumptions. This
forward-looking information includes, amongst others, information
with respect to our objectives and strategies. Forward-looking
statements generally can be identified by the use of conditional or
forward-looking terminology such as “may”, “will”, “expect”,
“intend”, “estimate”, “project”, “assume”, “anticipate”, “plan”,
“foresee”, “believe”, or “continue”, or the negatives of these
terms or variations of them or similar terminology. We refer you to
the Company’s filings with the Canadian securities regulatory
authorities and the U.S. Securities and Exchange Commission, as
well as the risks described under the “Financial risk management”,
“Critical accounting estimates and judgments”, and “Risks and
uncertainties” sections of our most recent Management’s Discussion
and Analysis for a discussion of the various factors that may
affect these forward-looking statements. Material factors and
assumptions that were applied in drawing a conclusion or making a
forecast or projection are also set out throughout such document.
Forward-looking information is inherently uncertain and the
results or events predicted in such forward-looking information may
differ materially from actual results or events. Material factors,
which could cause actual results or events to differ materially
from a conclusion or projection in such forward-looking
information, include, but are not limited to changes in general
economic and financial conditions globally or in one or more of the
markets we serve and our ability to implement our growth strategies
and plans. These factors may cause the Company’s actual performance
in future periods to differ materially from any estimates or
projections of future performance expressed or implied by the
forward-looking statements included in this press release.
There can be no assurance that the expectations represented by
our forward-looking statements will prove to be correct. The
purpose of the forward-looking statements is to provide the reader
with a description of management’s expectations regarding the
Company’s future financial performance and may not be appropriate
for other purposes. Furthermore, unless otherwise stated, the
forward-looking statements contained in this press release are made
as of the date hereof, and we do not undertake any obligation to
update publicly or to revise any of the included forward-looking
statements, whether as a result of new information, future events,
or otherwise unless required by applicable legislation or
regulation. The forward-looking statements contained in this press
release are expressly qualified by this cautionary statement.
About GildanGildan 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 portfolio of Company-owned brands including Gildan®,
American Apparel®, Comfort Colors®, GOLDTOE®, Peds®, in addition to
the Under Armour® brand through a sock licensing agreement
providing exclusive distribution rights in the United States and
Canada.
Gildan owns and operates vertically integrated, large-scale
manufacturing facilities which are primarily located in Central
America, the Caribbean, North America, and Bangladesh. Gildan
operates with a strong commitment to industry-leading labour,
environmental and governance practices throughout its supply chain
in accordance with its comprehensive ESG program embedded in the
Company's long-term business strategy. More information about the
Company and its ESG practices and initiatives can be found at
www.gildancorp.com.
Investor
inquiries: Jessy Hayem, CFA Vice-President, Head of
Investor Relations (514) 744-8511
jhayem@gildan.com |
Media
inquiries:Genevieve GosselinDirector, Global
Communications and Corporate Marketing(514)
343-8814ggosselin@gildan.com |
Gildan Activewear (TSX:GIL)
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