Pzena Investment Management calls on the Board of Gildan Activewear Inc. to re-appoint Glenn Chamandy as CEO
15 Décembre 2023 - 10:23PM
Pzena Investment Management, LLC, an investment management firm
with a 28-year history which beneficially owns over 10 million
shares of Gildan Activewear Inc. (TSX:GIL and NYSE:GIL) (“Gildan”
or “the company”) issued a letter to the Board of Directors of the
company urging it to re-appoint Glenn Chamandy as CEO.
The full text of the letter is as follows:
Dear Gildan directors,
Our firm, Pzena Investment Management (“Pzena” or “we”),
beneficially owns more than 10 million shares of Gildan Activewear
Inc., making us one of the largest shareholders of the Company. We
have been Gildan shareholders more than once in our firm’s history,
and our current investment dates back to 2018. We are long-term,
engaged shareholders and speak regularly with the management
team.
We believe that Glenn Chamandy, Gildan’s former CEO, has a
strong track record of operating and managing the business. His
leadership and vision have been instrumental in designing and
building Gildan’s low-cost, vertically-integrated manufacturing
operation, which has been the backbone of the company’s
success.
We disagree with the Board’s decision to terminate Glenn
Chamandy and strongly urge the Board to reverse this decision and
re-appoint Glenn Chamandy as the CEO of Gildan.
Sincerely,
Richard Pzena
About Pzena Investment Management, LLC:
Pzena Investment Management is an institutional investment
manager based in New York City with a strict focus on long-term
classic value investing. The firm was founded in late 1995 and
began managing assets on January 1, 1996. As of September 30, 2023,
the firm managed approximately US $56.4 billion in assets invested
across market caps globally and consisted of a team of 151
employees, primarily based in New York City.
ContactJessica Doran, 212-355-1600
or doran@pzena.com
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