Gildan: CEO's Surprising Termination Creates Uncertainty but Strategy Unchanged; Shares Fully Valued

On Dec. 11, no-moat Gildan announced that Glenn Chamandy, cofounder and CEO of nearly 20 years, had left the company and will be replaced in the top spot by experienced industry executive Vince Tyra. Gildan's release did not include any quotes from Chamandy or reasons for his unexpected exit. Soon after Gildan's announcement, Chamandy put out a short statement of his own, claiming that the board had terminated him without cause and that "my vision of the path forward has differed from that of other board members." This is a surprising statement, especially as Gildan's release specifically states that the company remains committed to the Gildan Sustainable Growth plan that Chamandy had led since it was introduced in 2022.