On January 8, 2024, Gildan Activewear Inc. (GIL) has responded to a group of shareholders seeking to reinstate former CEO Glenn Chamandy. The Company contends that Chamandy couldn't answer basic questions about multi-billion-dollar acquisitions and that the board was dubious about high-risk acquisitions. Gildan replaced Chamandy with Vince Tyra and is facing criticism from nine investment firms, representing around 35% of outstanding shares, calling for Chamandy's reinstatement.

The conflict centers on M&A options, succession planning, and a golf resort. Gildan alleges that Chamandy has become disengaged, focusing on external pursuits. Chamandy refutes claims of giving an ultimatum regarding M&A and criticizes the board's succession planning.

The Company also expressed that the investors supporting Chamandy may perceive him less favorably but concerns about Tyra's apparel experience persist and the specific companies Chamandy was contemplating acquiring remain unclear.