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Pzena Investment Management calls on the Board of Gildan Activewear Inc. to re-appoint Glenn Chamandy as CEO

Published: 2023-12-15 21:23:00 ET

NEW YORK, Dec. 15, 2023 (GLOBE NEWSWIRE) -- Pzena Investment Management, LLC, an investment management firm with a 28-year history which beneficially owns over 10 million shares of Gildan Activewear Inc. (TSX:GIL and NYSE:GIL) (“Gildan” or “the company”) issued a letter to the Board of Directors of the company urging it to re-appoint Glenn Chamandy as CEO.

The full text of the letter is as follows:

Dear Gildan directors,

Our firm, Pzena Investment Management (“Pzena” or “we”), beneficially owns more than 10 million shares of Gildan Activewear Inc., making us one of the largest shareholders of the Company. We have been Gildan shareholders more than once in our firm’s history, and our current investment dates back to 2018. We are long-term, engaged shareholders and speak regularly with the management team.

We believe that Glenn Chamandy, Gildan’s former CEO, has a strong track record of operating and managing the business. His leadership and vision have been instrumental in designing and building Gildan’s low-cost, vertically-integrated manufacturing operation, which has been the backbone of the company’s success.

We disagree with the Board’s decision to terminate Glenn Chamandy and strongly urge the Board to reverse this decision and re-appoint Glenn Chamandy as the CEO of Gildan.

Sincerely,

Richard Pzena

About Pzena Investment Management, LLC:

Pzena Investment Management is an institutional investment manager based in New York City with a strict focus on long-term classic value investing. The firm was founded in late 1995 and began managing assets on January 1, 1996. As of September 30, 2023, the firm managed approximately US $56.4 billion in assets invested across market caps globally and consisted of a team of 151 employees, primarily based in New York City.

ContactJessica Doran, 212-355-1600 or doran@pzena.com

Source: Pzena Investment Management, LLC

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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.
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