Gildan Activewear has announced the addition of five new members to their board of directors.
With effect from 1st May 2024, the following individuals will join as independent directors: Jane Craighead, a former senior vice president of global human resources at Scotiabank; Lynn Loewen, a former president of Minogue Medical; Les Viner, a former managing partner of Torys LLP; Timothy (Tim) Hodgson, a former CEO of Goldman Sachs Canada and special advisor to Governor Carney at the Bank of Canada; and Lewis L. (Lee) Bird III, a former chairman and managing partner of At Home Group.
Calling the action defensive, Usman S. Nabi and Peter M. Lee of Browning West, which is campaigning to install eight new directors and to bring back former Gildan CEO Glenn Chamandy, said in a statement, “While we are gratified that every single incumbent director responsible for the board’s many failures is stepping aside, we are disappointed that it is due in part to the board’s relentless focus on protecting Vince Tyra to avoid accountability.”
Gildan stated that Browning West is trying to acquire control of the board and business without having to pay a premium. The remainder of Browning West’s slate does not, in the opinion of the company’s board, represent the best combination of director candidates because they do not bring more knowledge or experience to Gildan’s business.
Gildan also announced that Chris Shackelton and Luc Jobin, who are on the special committee overseeing the continuing sale process, will step down from their positions after the 2024 annual meeting. The board has suggested that J.P. Towner and Karen Stuckey, who were nominated by Browning West, be elected.
