Gildan reshuffles board, ropes in ex-Goldman Sachs executive as chairman

Gildan Activewear has announced a refreshed board of directors with five new appointments.

Timothy (Tim) Hodgson, former special advisor to governor Carney at the Bank of Canada and former CEO of Goldman Sachs Canada, Lewis L. (Lee) Bird III, former chairman and chief executive officer of At Home Group, Jane Craighead, former senior vice president global human resources at Scotiabank, Lynn Loewen, former president of Minogue Medical, and Les Viner, former managing partner of Torys LLP, will join as independent directors, effective May 1, 2024.

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.”

“We remain steadfast in our belief that the election of each of our eight highly qualified directors and Glenn’s return as CEO represent the best path forward for Gildan.” Nabi and Peter added.

On its part, Gildan said that Browning West is attempting to take control of the board and company without paying a premium. The company’s board does not believe that the rest of Browning West’s slate offers an increase in expertise or experience to Gildan’s business, and accordingly, they do not represent the best mix of director candidates.

In addition, Gildan said, Luc Jobin and Chris Shackelton, members of the special committee supervising the ongoing sale process, will continue in their roles till the 2024 annual meeting and will retire thereafter. The board has proposed the elections of Karen Stuckey and J.P. Towner, nominated by Browning West.