Gildan Releases Report on CEO Succession Process by Renowned Governance Expert
MONTREAL, Jan. 24, 2024 (GLOBE NEWSWIRE) — Gildan Activewear Inc. (GIL: TSX an NYSE and “Gildan” or “the Company”) today announces the release of a Governance Report by Dr. Richard W. Leblanc on The Process of CEO Succession Planning by the Board of Directors of Gildan Activewear Inc.
Dr. Leblanc, one of Canada’s leading experts on corporate governance and accountability, was retained by Gildan’s Board to provide an independent review and answer the following question: Did the Board of Directors of Gildan Activewear follow a good and rigorous process with respect to succession planning for the President and Chief Executive Officer?
Dr. Leblanc’s report concludes that the Board followed a good and rigorous process with respect to succession planning by taking reasonable steps to ensure that:
- CEO succession planning and strategic planning were both maintained on the Board’s agenda and focused upon by the Board during regularly scheduled meetings;
- Internal candidates were considered by the Board, and the Board oversaw their respective developmental progress to become CEO-ready;
- An international executive search firm, compensation advisory firm, and legal firm, in no particular order, were retained throughout the process to recruit top external candidates and provide expert advice, as the case may be, to the Board;
- Internal and external candidates were reviewed, assessed and diligently deliberated upon by the Board, with independent directors proceeding iteratively, methodically, deliberatively, and without undue influence or bias, at all stages of the CEO hire process,
- Detailed psychometric testing occurred with the three finalist candidates;
- The chosen permanent CEO’s credentials, competencies and other attributes were vetted in the context of detailed reference and background checks involving respectively eight and 24 external arms-length individuals; and
The Board respected the confidentiality of the CEO succession planning process.
Gildan is a leading manufacturer of everyday basic apparel. The Company’s product offering includes activewear, underwear and socks, sold to a broad range of customers, including wholesale distributors, screenprinters or embellishers, as well as to retailers that sell to consumers through their physical stores and/or e-commerce platforms and to global lifestyle brand companies. The Company markets its products in North America, Europe, Asia Pacific, and Latin America, under a diversified portfolio of Company-owned brands including Gildan®, American Apparel®, Comfort Colors®, GOLDTOE®, Peds®, in addition to the Under Armour® brand through a sock licensing agreement providing exclusive distribution rights in the United States and Canada.
Gildan owns and operates vertically integrated, large-scale manufacturing facilities which are primarily located in Central America, the Caribbean, North America, and Bangladesh. Gildan operates with a strong commitment to industry-leading labour, environmental and governance practices throughout its supply chain in accordance with its comprehensive ESG program embedded in the Company’s long-term business strategy. More information about the Company and its ESG practices and initiatives can be found at www.gildancorp.com.