Gildan Activewear reshuffles executive team, plans CFO transition

MONTREAL - Gildan Activewear Inc . (NYSE:GIL: TSX and NYSE), a leading manufacturer of everyday basic apparel with a market capitalization of $8 billion, announced key leadership changes today as part of its ongoing succession planning. The company’s stock has delivered an impressive 54% return over the past year, according to InvestingPro data. The company revealed the appointment of Chuck Ward as Executive Vice President, Chief Operating Officer (EVP and COO), effective March 1, 2025. Concurrently, the company announced the retirement of Rhodri J. Harries, its EVP, Chief Financial and Administrative Officer, set for January 1, 2026, and the promotion of Luca Barile as the new EVP, Chief Financial Officer, also effective March 1, 2025.

Chuck Ward, who joined Gildan in 2011, has been elevated from his current role as President of Sales, Marketing, and Distribution. Ward’s tenure at Gildan includes significant experience in manufacturing, having led the integration of GoldToe Moretz following its acquisition by Gildan, as well as holding senior roles in yarn spinning operations and supply chain planning.

Luca Barile, who will take over as CFO, has been with Gildan since 2012 and has progressed through various financial roles within the company. Before his promotion to CFO of Sales, Marketing, and Distribution in 2023, Barile’s responsibilities at Gildan included Financial Planning and Analysis, Internal Audit, and Enterprise Risk Management. He began his career as a Senior Auditor at a large accounting firm in 2008.

Rhodri J. Harries, who has served as EVP, Chief Financial and Administrative Officer since 2015, will retire next year. During his time at Gildan, Harries has been credited with guiding the company’s financial performance and safeguarding its financial position through disciplined capital allocation.

Glenn J. Chamandy, President and CEO of Gildan, expressed gratitude to Harries for his contributions and welcomed Ward and Barile into their new roles. Chamandy highlighted the appointments as a testament to the company’s internal leadership development and succession planning efforts.

These executive changes come as Gildan continues to pursue its Sustainable Growth Strategy and aims to enhance long-term value for stakeholders. The company, which maintains a healthy financial position with a current ratio of 2.31 and generates nearly $787 million in EBITDA, also issued its fourth-quarter and full-year results for 2024 in a separate press release today and provided annual guidance for 2025. InvestingPro analysis reveals 14 additional key insights about Gildan’s financial health and growth prospects. A conference call to discuss these results has been scheduled for 8:30 AM ET.

Gildan is known for its commitment to industry-leading labor, environmental, and governance practices across its global operations. The company’s portfolio includes recognized brands such as Gildan®, American Apparel®, Comfort Colors®, GOLDTOE®, and Peds®, as well as an exclusive licensing agreement for the printwear channel for Champion®. The company has maintained dividend payments for 14 consecutive years, with a current yield of 1.6%. For detailed analysis and comprehensive insights, investors can access Gildan’s Pro Research Report, available exclusively on InvestingPro.

This article is based on a press release statement from Gildan Activewear (TSX:GIL), Inc.

In other recent news, Gildan Activewear Inc. has announced the pricing of its first offering of C$700 million in senior unsecured notes. The offering is divided into two series: C$500 million of 4.362% senior unsecured notes due 2029 and C$200 million of 4.711% senior unsecured notes due 2031. The company plans to use the net proceeds from the sale of these notes for the repayment of existing debt under its credit facilities and for other general corporate purposes. The notes will rank equally with all existing and future senior unsecured and unsubordinated indebtedness of the company. The offering is being managed by a syndicate of financial institutions, including BMO Capital Markets, CIBC (TSX:CM) Capital Markets, and Scotiabank (TSX:BNS) as joint bookrunners. DBRS Limited has provisionally rated the notes at BBB with a stable trend. The closing of the offering is anticipated to occur on or about November 22, 2024, subject to customary closing conditions. These are the latest developments for the company.

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