Glenn Chamandy's Battle With Gildan Board Exposes Deep Corporate Governance Tensions

The apparel industry witnessed a significant leadership crisis when Gildan Activewear Inc. disclosed that its former CEO Glenn Chamandy had fundamentally rejected the company’s carefully planned succession framework. What was supposed to be a smooth transition has instead unfolded as a power struggle between the executive and the Board, raising questions about corporate decision-making authority and long-term strategic vision at the multinational clothing manufacturer.

The Succession Plan That Never Took Hold

In late 2021, Glenn Chamandy initially agreed to step aside from his executive role, opening the door for a structured leadership transition. The Board moved swiftly to identify a replacement, ultimately selecting Vince Tyra as the incoming Chief Executive Officer in December of that year. However, Chamandy’s commitment to this departure dissolved when market conditions shifted. Come fall 2021, he approached the Board with a counterproposal: allow him to remain in the CEO position to pursue aggressive acquisition opportunities. The Board’s response was unequivocal—they rejected the request outright.

Glenn Chamandy Stakes His Ground

Rather than comply with the predetermined transition, Chamandy chose confrontation. In a public statement to The Globe and Mail, the former executive articulated his position: “I had no intention of leaving. You know, my view is that I would leave when I think the time is right for the company.” This declaration directly contradicted the prior agreement and signaled his determination to maintain control, potentially derailing months of organizational planning at Gildan.

The Board’s Response and New Governance Structure

Frustrated by what it characterized as Chamandy’s efforts to obstruct the succession process, Gildan’s Board reaffirmed its commitment to the Tyra appointment and refused to reconsider. To strengthen oversight and governance moving forward, the company announced that Chris Shackelton, Co-Founder and Managing Partner of Coliseum Capital Management, would assume a position on the Board. This addition signals the company’s determination to enforce disciplined executive management and institutional accountability.

Market Reaction and Implications

Investors responded with measured concern to the governance disruption. Gildan’s stock performance reflected the uncertainty, with shares declining 1.22% to trade at $34.07 on the New York Stock Exchange. The market’s cautious stance underscores how corporate instability at the leadership level can directly impact shareholder confidence, even in established companies like Gildan Activewear.