Thanks Shareholders for Their Overwhelming
Vote in Favor of Browning West’s Slate, Which Provides a Rare
Mandate for the Replacement of Gildan’s Entire Board of
Directors
Pleased That the Transition of Power at
Gildan Has Commenced to Ensure Glenn Chamandy is Reinstated as CEO
and Michael Kneeland is Appointed as Chair of the Board of
Directors
Browning West, Glenn Chamandy, and Michael
Kneeland Reiterate the Slate’s Commitment to Restore Stability to
Gildan and Create Long-Term Value for All Company
Stakeholders
Browning West, LP (together with its affiliates, “Browning West”
or “we”), which is a long-term shareholder of Gildan Activewear
Inc. (NYSE: GIL) (TSX: GIL) (“Gildan” or the “Company”) and
beneficially owns approximately 5.7% of the Company’s outstanding
shares, today announced that its eight-member slate of directors –
Michael Kneeland, Glenn J. Chamandy, Michener Chandlee, Ghislain
Houle, Mélanie Kau, Peter Lee, Karen Stuckey, and J.P. Towner –
will constitute the entirety of the Company’s Board of Directors
(the “Board”) and will be the only director candidates to stand for
election at Gildan’s 2024 Annual Meeting of Shareholders (the
“Annual Meeting”). This follows the resignations of the entire
incumbent Board and the termination of executives, including CEO
Vince Tyra. Notably, preliminary results indicate that an
overwhelming majority of shares have been voted in support of
Browning West’s full eight-member slate prior to the Board’s
resignation.
Usman S. Nabi and Peter M. Lee of Browning West commented:
“We are deeply grateful for the outpouring of support that
Browning West’s slate and plan have received from our fellow
shareholders, Gildan employees, and leading proxy advisory firms.
While we are disappointed that the Board ignored the clear will of
its shareholders for so many months and spent tens of millions of
shareholder capital in an effort to defend its mistakes, we are
nevertheless gratified that the current Board has decided to cease
its campaign activities and pave the way for an orderly and
conclusive leadership transition.
Our directors are eager to begin working toward their common
goal of delivering enhanced shareholder value, which begins with
reinstating Glenn Chamandy as CEO. Glenn is a visionary leader with
a track record of value creation, an unparalleled knowledge of
Gildan’s manufacturing business, a deep connection with the
Company’s employees and shareholders, and an impressive ability to
foresee key industry shifts to keep Gildan one step ahead of
competitors. He knows exactly what it will take to expand the
Company’s already strong position alongside the newly reconstituted
Board, including proven value creator Michael Kneeland, who the new
Board intends to appoint as Chair.
Browning West and our entire director slate appreciate the
thoughtful engagement we have had with Company stakeholders over
the last several months. We also recognize that this is the first
time in more than a decade that an overwhelming majority of
shareholders and all leading proxy advisory firms – ISS, Glass
Lewis, and Egan Jones – supported a full reconstitution of a board
of directors. As a long-term, significant investor in Gildan, we
take the responsibility of having a Browning West representative on
the Board seriously and look forward to the opportunity to deliver
enduring value for all Gildan stakeholders.”
Glenn Chamandy, Gildan’s co-founder and soon-to-be reinstated
CEO, commented:
“I’m extremely excited to return as Gildan’s CEO and am
gratified for the incredible support I have received from both
shareholders and employees over the past six months. I’m proud of
our dedicated employees for their hard work and focus through a
tumultuous period. The resilience of the team and the high quality
of our newly seated Board give me great confidence that Gildan’s
best days are yet to come.”
Michael Kneeland, Gildan’s soon-to-be appointed Chair of the
Board, commented:
“Gildan has an impressive 40-year history anchored by strong
long-term operating results, an outstanding employee base, and a
founder who has demonstrated a clear ability to oversee an
increasingly global business and has an unrivaled track record of
value creation. It is an honor to be joining Gildan as Chair
alongside Glenn and the entire slate of directors. We look forward
to putting this contest behind us so that we can focus our energy
on implementing our operating plan and positioning Gildan for
long-term success. As independent directors, we will help usher in
accountability and alignment at Gildan. The interests of the
Company and its stakeholders will remain relentlessly in focus
under the new Board.”
***
Disclaimer for Forward-Looking Information
Certain information in this news release may constitute
“forward-looking information” within the meaning of applicable
securities legislation. Forward-looking statements and information
generally can be identified by the use of forward-looking
terminology such as “outlook,” “objective,” “may,” “will,”
“expect,” “intend,” “estimate,” “anticipate,” “believe,” “should,”
“plans,” “continue,” or similar expressions suggesting future
outcomes or events. Forward-looking information in this news
release may include, but is not limited to, statements of Browning
West regarding (i) how Browning West intends to exercise its legal
rights as a shareholder of the Company, and (ii) its plans to make
changes at the Board and management of the Company.
Although Browning West believes that the expectations reflected
in any such forward-looking information are reasonable, there can
be no assurance that such expectations will prove to be correct.
Such forward-looking statements are subject to risks and
uncertainties that may cause actual results, performance or
developments to differ materially from those contained in the
statements including, without limitation, the risks that (i) the
Company may use tactics to thwart the rights of Browning West as a
shareholder and (ii) the actions being proposed and the changes
being demanded by Browning West, may not take place for any reason
whatsoever. Except as required by law, Browning West does not
intend to update these forward-looking statements.
Advisors
Olshan Frome Wolosky LLP is serving as legal counsel, Goodmans
LLP is serving as Canadian legal counsel, and IMK is serving as
Quebec legal counsel. Longacre Square Partners is serving as
strategic advisor and Pelican PR is serving as public relations
advisor. Carson Proxy is serving as proxy advisor.
About Browning West, LP
Browning West is an independent investment partnership based in
Los Angeles, California. The partnership employs a concentrated,
long-term, and fundamental approach to investing and focuses
primarily on investments in North America and Western Europe.
Browning West seeks to identify and invest in a limited number
of high-quality businesses and to hold these investments for
multiple years. Backed by a select group of leading foundations,
family offices, and university endowments, Browning West’s unique
capital base allows it to focus on long-term value creation at its
portfolio companies.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240523303773/en/
Browning West info@browningwest.com 310-984-7600
Longacre Square Partners Charlotte Kiaie / Scott Deveau,
646-386-0091 browningwest@longacresquare.com
Pelican PR Lyla Radmanovich / Mélanie Tardif, 514-845-8763
media@rppelican.ca
Carson Proxy Christine Carson, 416-804-0825
christine@carsonproxy.com
Gildan Activewear (NYSE:GIL)
過去 株価チャート
から 10 2024 まで 11 2024
Gildan Activewear (NYSE:GIL)
過去 株価チャート
から 11 2023 まで 11 2024
