Gildan Drops as Fruit of the Loom Alum Replaces Ousted CEO

Shares of Canada’s Gildan Activewear Inc. fell as much as 14% on Monday, the most since March 2020, after an apparent conflict with the clothing manufacturer’s board led to the sudden departure of its chief executive officer.

The Montreal-based company appointed former Fruit of the Loom executive Vincent Tyra to the roles of president and CE0, ending the 40-year career of co-founder Glenn Chamandy.

“We thank Glenn for his service and wish him well,” Chairman Donald Berg said in a statement early Monday. He didn’t provide a reason for Chamandy’s exit.

About two hours later, Chamandy in a statement ...