Anson Funds Calls On Gildan Activewear To Reinstate Glenn Chamandy As CEO

(RTTNews) - Anson Funds Management LP and Anson Advisors Inc., the co-investment advisers of certain investment funds and significant shareholders of Gildan Activewear Inc. (GIL), said it disagreed with the apparel manufacturer board's decision to remove Glenn Chamandy as chief executive officer given his strong track record of value creation, and is calling for his immediate reinstatement and the implementation of a formal succession planning process including the engagement of company shareholders.

Anson Funds noted that the board's mishandling of the succession planning process to date and its actions thereafter have resulted in an incredibly value-destructive distraction that must be immediately addressed.

Anson Funds said it is further troubled by the Board's decision to strike a backroom deal granting an individual shareholder a board seat in exchange for their support before engaging with other investors to discuss the company's approach to succession planning. Instead, company shareholders had to read about the Board's views on Chamandy in press reports, which Anson has since learned are false accusations.

Specifically, the Board's commentary regarding M&A appears designed to perpetuate this distraction at the cost of what should be its key focus: succession planning. Anson Funds believes the best course of action is to immediately reinstate Chamandy, especially considering Vince Tyra seemingly lacks the skills required to lead Gildan into its next stage of growth.

Last week, Gildan Activewear said its Chief Executive Officer and President Glenn Chamandy stepped down from the position and would be replaced by Vince Tyra, effective February 12, 2024.