Glenn J Chamandy, the co-founder of garment supplier Gildan Activewear, has declared that the company’s “best days are yet to come” after returning as CEO.

As part of a new board of directors, he took over as president and CEO of the company at today’s annual meeting alongside new non-executive chair, Michael Kneeland, the former CEO of industrial equipment company United Rentals.

Chamandy’s return came six months after he was forced to resign under pressure from a cohort of shareholders. His replacement, Vince Tyra, quit last week after five months along with the rest of the board amid continuing turmoil.

Chamandy said: “I’m extremely excited to return as Gildan’s CEO and am gratified for the incredible support I have received from both shareholders and employees over the past six months.

“I’m proud of our dedicated employees for their hard work and focus through a tumultuous period. The resilience of the team and the high quality of our newly seated board give me great confidence that Gildan’s best days are yet to come.”

Kneeland added: “Gildan has an impressive 40-year history anchored by strong long-term operating results, an outstanding employee base, and a founder who has demonstrated a clear ability to oversee an increasingly global business and has an unrivalled track record of value creation.

“We look forward to putting this contest behind us so that we can focus our energy on implementing our operating plan and positioning Gildan for long-term success.”

Chamandy and Kneeland were officially elected to the board at today’s annual meeting in Montreal in Canada along with Michener Chandlee, Ghislain Houle, Mélanie Kau, Peter Lee, Karen Stuckey and JP Towner.

Kneeland said: “As independent directors, we will help usher in accountability and alignment at Gildan. The interests of the company and its stakeholders will remain relentlessly in focus under the new board.”

gildancorp.com