Gildan Activewear is undergoing significant board changes as it faces pressure from an activist shareholder. The Canadian clothing manufacturer announced that several directors will leave, and a former Goldman Sachs executive will assume the role of chairman. This move comes as a strategic effort to sway investors away from supporting the activist's plans. Additionally, Gildan is set to replace five directors ahead of its Annual General Meeting (AGM) and has agreed to back two nominees from Browning West. The new chairman has called for an end to the shareholder rebellion that threatens the company's stability.
Gildan dissidents reject swap of suits on board of clothing manufacturer https://t.co/cbFMtGJccZ
The former Goldman Sachs executive who’s taking over the chairman’s role at Gildan Activewear called for an end to the shareholder rebellion that has left the clothing company’s future in limbo. https://t.co/f05bUkawiX
Gildan replacing five directors ahead of AGM, will back two Browning West nominees https://t.co/1Bw7y5LFbk
Gildan taps ex-Goldman executive as chair in last stand against activist investor https://t.co/dhdkgRcxPM https://t.co/JgC2LOFzyh
Canadian clothing manufacturer Gildan Activewear said several directors will leave within days and a former Goldman executive will become chair, a last-ditch effort by the board to convince investors not to support the plans of an activist shareholder https://t.co/uzzxaxC4Lz
Gildan refreshes its board of directors ahead of shareholder meeting https://t.co/l6V7c9w1gq