Gildan CEO Glenn Chamandy is leaving the Montreal-based manufacturer of clothing, socks and tights.
Gildan co-founder Glenn Chamandy, 61, had led the company since 2004 and served on the board of directors since 1984.
The company announced its departure on Monday without specifying the reasons. It was not immediately possible to obtain more information from management.
Glenn Chamandy will be replaced as CEO by Vince Tyra effective February 12. Until then, the interim is provided by a member of the board of directors, Craig Leavitt. The latter has been a director at Gildan for five years.
Gildan Chairman Donald Berg simply thanked Glenn Chamandy for his service in an electronic communication. “We wish him good luck,” we can read.
The release highlights that the company remains fully focused on its sustainable growth strategy and its three key pillars: innovation, capacity-led growth and ESG factors.
Vince Tyra has previously held leadership positions in the apparel and investment industries. He notably managed the companies alphabroder and Fruit of the Loom. The latter today belongs to the American conglomerate Berkshire Hathaway.
Vince Tyra was also an operating partner at Southfield Capital, where he was a member of the investment committee.
Most recently, he served as Senior Vice President of Corporate Strategy and Mergers & Acquisitions at Houchens Industries, a US$4 billion holding company. He also previously served as vice president and director of intercollegiate athletics at the University of Louisville.
Gildan’s annual turnover today amounts to more than US$3 billion.
