Gildan CEO, Update

Gildan Activewear Inc. says its plan to replace co-founder Glenn Chamandy as chief executive was a multi-year, careful and deliberate process that included him when it was appropriate to do so.

Chamandy said last week that he was terminated without cause after four decades with the company, including nearly 20 years as president and CEO.

Several large shareholders have called for his reinstatement.

In a statement, Gildan chair Donald Berg said Monday the company’s succession planning resulted in a well-thought-out rationale for the board’s unanimous decision to appoint Vince Tyra as the new CEO.

According to multiple media reports, the decision to replace Chamandy came after he gave an ultimatum to the board over its acquisition strategy.

However, Chamandy said Monday that he did not give an ultimatum to the board with respect to any strategy or potential acquisitions.