Browning West cautions Gildan shareholders on ‘risky path forward’

Browning West , which is a long-term shareholder of Gildan Activewear and beneficially owns approximately 5.0% of the Company’s outstanding shares, today issued the following statement regarding the Company’s April 15th investor update. As a reminder, Browning West is seeking to elect eight highly qualified and independent director candidates to Gildan’s Board of Directors at the Annual Meeting of Shareholders on May 28. Browning West’s director candidates possess strong track records of value creation, expertise in successful succession planning, relevant industry and governance experience, as well as proven management and board service pedigrees in Canada and the U.S. “Browning West believes that Vince Tyra’s ‘new plan’ raises troubling questions about the current Board’s stewardship of the Company and confirms our fears that Mr. Tyra may lead Gildan down a similar destructive path as the ones he did at the helm of Fruit of the Loom Inc. and Broder Brothers Co