The Gildan Activewear board members have resigned en bloc, and the company’s president and CEO, Vince Tyra, has decided to step down.
The Montreal-based manufacturer made the announcement late Thursday in a brief press release.
It indicated that the outgoing board appointed Browning West’s nominees to the board of directors, effective Thursday.
Tyra’s departure was also effective at the same time.
The company also reported that the outgoing board had terminated discussions surrounding the previously announced sale process.
In the run-up to Gildan’s annual meeting on May 28, “shareholders have made their position clear,” the statement said.
“The outgoing directors believe that it was in the best interests of all Gildan stakeholders that they resign and do not seek re-election at the next annual meeting, in order to allow the new board to take office and oversee the company’s activities in the most orderly and efficient manner possible,” Gildan said.
The press release concludes by stating that the “outgoing directors wish the new directors, the management team, Gildan’s 45,000 employees and its shareholders every success.”
This report by The Canadian Press was first published in French on May 23, 2024.