Gildan CEO: Proxy Battle Cost $65 Million
At GIL’s annual meeting, returning CEO Glenn Chamandy received almost 84% of shareholder votes, with the rest of the new board receiving between 83% and 99% affirmative votes. After months of terse press releases and media comments, Chamandy opened up in the meeting’s aftermath, telling outlets that the battle’s cost tallied at least $65 million for the company. He deemed it “probably the largest proxy fight in history,” exceeding Disney “which is 40 times our size.” The tally includes severance (excluding his own, which he said he never received), the sale ... Log in to view full article.