On December 11, 2023, Gildan issued a press release announcing that “Glenn J. Chamandy has left his position as President and Chief Executive Officer and director of the Company. Vince Tyra has been appointed President and CEO effective February 12, 2024.” Chamandy issued a separate statement on the same day to the effect that he had learned only the previous day that the Company’s Board of Directors “was terminating [his] employment agreement without cause.”

Following news of Chamandy’s departure, Gildan’s stock price fell 10.79%, to close at $32.58 per share on December 11, 2023.