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Oakcliff Capital Sends Letter to the Board of Gildan Activewear Calling for the Return of Glenn Chamandy as CEO

Published: 2023-12-19 13:00:00 ET

Believes the Board’s Actions Demonstrate the Need to Replace Chairman Donald Berg and to Appoint Shareholder Representatives to Ensure Alignment of All Stakeholders’ Interests

NEW YORK--(BUSINESS WIRE)-- Oakcliff Capital, a long-term shareholder of Gildan Activewear Inc. (NYSE: GIL) (TSX: GIL) (“Gildan” or the “company”), today issued the following letter to the company’s Board of Directors (the “board”).

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Board of Directors Gildan Activewear Inc. 600 de Maisonneuve West, 33rd Floor Montreal, Quebec H3A 3J2, Canada

December 19, 2023

Dear Board of Directors,

Oakcliff Capital manages a concentrated portfolio of equity investments that we have chosen based on deep research, and that we seek to own for 5-10 years. We typically invest in 10-15 businesses run by talented and shareholder-friendly management teams.

We own 0.4% of Gildan’s shares outstanding. We made our investment in Gildan based on the quality of Gildan’s business and confidence in Glenn Chamandy’s leadership, as well as his plan to develop successors familiar with Gildan’s culture of manufacturing excellence.

The decision by Gildan’s board to fire Glenn without cause and replace him as CEO dismayed us. After working to understand the facts and the perspectives of different parties, we believe that the board’s decision was unwise and not in the interests of the company or its shareholders.

We believe that Glenn Chamandy needs to be reinstated as CEO and that the board needs to see a change in its chairman and the inclusion of two new members who are significant shareholders.

These changes should be made rapidly, as we believe that the uncertainty created by the board’s actions is bad for Gildan’s relationships with customers and employees.

Sincerely,

Bryan R. LawrenceJohn J. Jamgochian

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About Oakcliff Capital

Oakcliff Capital makes long-term investments in undervalued, high-quality businesses. The firm performs intensive, primary research on prospective investments in order to assess the quality of their businesses, the strength of their management teams and their value relative to the market price.

View source version on businesswire.com: https://www.businesswire.com/news/home/20231218955999/en/

info@oakcliffcapital.com 646-873-8505

Source: Oakcliff Capital

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All statements made via social media sites sponsored or maintained by Enhanced Investments and its affiliates are for informational purposes only and do not constitute a comprehensive description of Enhanced Investments' investment advisory services.
Certain investments are not suitable for all investors. Before investing, consider your investment objectives and applicable fees. The rate of return on investments can vary widely over time, especially for long term investments. Investment losses are possible, including the potential loss of all amounts invested. Information provided by Enhanced Investments is for informational and general educational purposes only and is not investment or financial advice.