Glenn Chamandy says he is “offended” by the comments of Gildan’s council

Without refuting the allegations against him, Glenn Chamandy says he is disappointed and offended by the open letter published Monday by Gildan’s board of directors in which it is notably mentioned that he gradually withdrew as CEO , focusing more on his personal outside activities, including developing a golf resort in Barbados.

“I am deeply disappointed by the actions of Gildan’s board of directors,” said the co-founder and former CEO of Gildan in a public statement on Tuesday.

“I am offended by what appears to be a premeditated effort to publicly undermine my record and, what is even worse from a corporate perspective, is that the board’s negligent behavior also tarnishes the reputation of a big Society. »

Glenn Chamandy argues that the board’s “self-serving” motivations, designed to distract from its own imprudence, led it to lose sight of what was truly important: the best interests of the company, of its employees, its customers and its shareholders.

“I find it particularly distressing that the board of directors decided to use confidential strategic information of the company for nefarious purposes with the sole aim of entrenching its power, without worrying about the impact on the value of the company. business. »

Glenn Chamandy was removed as CEO on December 10. The board justified its decision by differences related to the succession plan and by emphasizing that Glenn Chamandy wanted to move forward with a risky multi-billion dollar acquisition strategy.

Glenn Chamandy believes that contrary to what the board claims, the long-term plan presented on October 30 showed significant organic growth prospects for Gildan over the next five years and was supported by the management team.

The board also stated in its open letter that it had recently become aware of new information regarding behavior by Glenn Chamandy which occurred around the time of his departure and which is “incompatible with that of a member of senior management” .

Glenn Chamandy, according to the council, recorded a private and confidential telephone call that he had on November 24 with the president of the council without the latter’s knowledge.

Still according to the board of directors, Glenn Chamandy also violated, upon his departure, Gildan’s policies on the protection of company information.

The board of directors also claims to be studying interactions that Glenn Chamandy would have had with certain shareholders before his dismissal.

The board believes that retaining Glenn Chamandy as CEO would have compromised Gildan’s future and destroyed shareholder value.


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