Gildan: Chamandy Set to Return as CEO After Existing Management Admits Defeat; Shares Fully Valued

Just days before the annual meeting, Gildan announced that Vince Tyra, who joined the firm as CEO in February, and all board members have resigned. Soon after Gildan’s release, activist shareholder Browning West issued its own statement to declare victory and confirm that Glenn Chamandy will return as CEO after its board slate is installed. Gildan framed the decision of its outgoing management to quit as a conciliatory gesture to institutional shareholders, while Browning West said that initial vote counts showed overwhelming support for the dissident board anyway. In either case, an acrimonious and costly proxy battle has come to an end.