After 40 years with
The
The company did not release reasons for Chamandy's exit, saying only that he has "left his position" and "has been a forerunner in our industry, taking Gildan from a small family-owned business to a leading apparel company with over
However, a separate statement from Chamandy said, "it is unfortunate that my vision of the path forward has differed from that of other board members."
He did not reveal how his vision was different from that of board members of the company best known for selling products like T-shirts, which companies, sports leagues and shoppers customize with their own logos or creations.
Khan said he was told the board had been focused on succession planning "for some time" and considered internal and external candidates to replace Chamandy.
"The driver behind today's announcement (which the investment community is likely to consider a bit of a surprise) was somewhat of a disagreement with
He added the company's leaders told him the decision to appoint Tyra is "not reflective of any financial concerns."
The change in leadership spurred a drop of almost 10 per cent or
Tyra is a former chief executive of clothing company
He was also director of intercollegiate athletics at the
Tyra's industry leadership experience as well as his roles at companies that could be end users of Gildan's products like sports and collegiate businesses "should position him well," Khan said.
Tyra is due to begin with Gildan on
This will mark a new chapter for Gildan, which has a history stretching back to 1946, when
In 1982, Greg and
This report by The Canadian Press was first published
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