Dive Brief:
- Gildan Activewear appointed a new president and CEO Monday, pushing co-founder Glenn Chamandy from the role, which he said in a separate statement was done without cause.
- Vince Tyra will step into the role on Feb. 12, 2024. Tyra, a former executive at Fruit of the Loom and Broder Bros., now Alphabroder, has most recently worked for Houchens Industries, a company with holdings in the construction, manufacturing, retail, healthcare and insurance spaces. Craig Leavitt, a member of Gildan’s board of directors, will lead the company in the interim.
- Chamandy worked for Montreal-based Gildan for 40 years, 20 of them as CEO.
Dive Insight:
In his statement, Chamandy said he was proud of Gildan becoming competitive in the market.
“It is unfortunate that my vision of the path forward has differed from that of other Board members,” Chamandy said. "This comes after 40 years of service in the impressively successful company founded by my family."
Chamandy also thanked customers for supporting the company "through thick and thin."
David Swartz, senior equity analyst for Morningstar Research Services, said in an email to Fashion Dive that Chamandy’s statement was surprising, “especially as Gildan’s release specifically states that the company remains committed to the Gildan Sustainable Growth plan that Chamandy had led since it was introduced in 2022.”
Gildan credited Chamandy with becoming a “forerunner” in the industry and turning Gildan from a “small family-owned business to a leading apparel company with over US$3 billion in revenues,” Donald Berg, chairman of Gildan’s board, said in the company’s press release.
Tyra was most recently senior vice president of corporate strategy and mergers and acquisitions for Kentucky-based Houchens Industries. Prior to Houchens, he worked as intercollegiate athletics director at the University of Louisville. In the apparel space, he was CEO of Broder Bros., now called Alphabroder, and president of Fruit of the Loom.
“The Board is confident that Vince is the right person to lead the Company into the next stage of its evolution and growth,” Berg said. “He has an extensive career as a global organization leader with experience as an apparel industry executive, an operator, an investor and transitioning founder-led companies. Vince’s diverse professional background will provide the necessary leadership skills to propel Gildan to even greater success.”
Though Tyra has never been the CEO of a public company, Swartz said he appears to be an excellent fit for Gildan, especially because one of his previous employers, Fruit of the Loom, competes with Gildan in both retail and printwear.
Gildan, a manufacturer of basic apparel, makes activewear, underwear and socks. It works with wholesale distributors, screen printers and embellishers. In addition to owning the Gildan brand, it owns American Apparel, Comfort Colors, Goldtoe and Peds. It holds a licensing agreement for Under Armour socks in the U.S. and Canada.
In its most recent quarter, Gildan reported $870 million in net sales, a 2% increase from that period in the prior year. Its activewear sales totaled $744 million, and sales in its hosiery and underwear category totaled $126 million.
