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By Robb M. Stewart
Gildan Activewear has brought forward the start date for its new chief executive as it seeks to bring stability to the clothing manufacturer following the ouster of its previous leader.
Gildan said Vince Tyra will assume the role of president and CEO on Monday after he agreed to move his start date from Feb. 12 to respond to requests to engage sooner with stakeholders in the company.
The Canadian company’s board has been forced to defend Tyra’s appointment amid a push from longtime shareholder Browning West to have Glenn Chamandy reinstalled as CEO of Gildan.
In a letter to shareholders released earlier this week, Gildan directors said they had gradually lost trust and confidence in Chamandy and were left with no option but to remove him from the top office after he allegedly threatened to quit if the board didn’t approve a multi-billion dollar acquisition strategy.
Chamandy, who co-founded the apparel company in Montreal with his brother Greg Chamandy and led the brand for four decades, has said his contract was terminated without cause and denied presenting an ultimatum to the company’s board.
Write to Robb M. Stewart at [email protected]
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