Gildan's board abruptly resigns ahead of annual meeting, handing control to activist
Publishing timestamp: 2024-05-23 19:39:09
Summary
The entire board of Gildan Activewear is resigning in favor of activist Browning West's nominees, restoring former CEO Glenn Chamandy. The company is a major apparel supplier for companies like Amazon and Target. The activist firm accused the board of showing disregard for corporate governance, while the company accused Chamandy of mismanagement. Other major shareholders backed Browning West's push, and the activist also won support from proxy advisors. Chamandy expressed excitement to return as CEO. Berkshire Hathaway reported Q1 2024 figures, revealing focus on five stocks in its portfolio. CNBC Pro looked at Goldman Sach's conviction lists for stocks with potential upside.
Sentiment: MIXED
Tickers: DRI, AMZN, GIL-CA, TGT, GIL, BRK.A, CP-CA, GOOGL,
Keywords: canadian pacific kansas city ltd, gildan activewear inc, amazon.com inc, breaking news: technology, target corp, darden restaurants inc, technology, business news, breaking news,
Source: https://www.cnbc.com/2024/05/23/gildan-browning-west-chamandy-resigns.html