Gildan Activewear Announces Board Refreshment to Support CEO Vince Tyra and Gildan’s Next Phase of Sustainable Growth

Board Refreshment Reflects Shareholder Feedback and Follows Browning West’s Failure to Constructively Engage as it Pursues a Needless and Wasteful Proxy Contest

Browning West is Attempting to Take Control of the Board and Company without Paying a Premium

• Tim Hodgson, Lee Bird, Jane Craighead, Lynn Loewen, and Les Viner Appointed to the Board, effective May 1, 2024, to facilitate an orderly transition
• Tim Hodgson to become Independent/Non-Executive Chair, effective May 1, 2024
• Board Recommends the Election of Browning West Nominees Karen Stuckey and J.P. Towner
• Board Provides Background on Refreshment Process and Update on Previously Communicated Sale Process
• Directors Donald C. Berg, Maryse Bertrand, Shirley Cunningham, Charles Herington, and Craig Leavitt to Depart the Board, effective May 1, 2024
• Directors Luc Jobin and Chris Shackelton to Not Stand for Re-election at 2024 Annual Meeting

MONTREAL, April 22, 2024 (GLOBE NEWSWIRE) -- Gildan Activewear Inc. (GIL; TSX and NYSE) today announced a refreshed Board of Directors that has been thoughtfully constructed based on extensive shareholder engagement. The new Board will guide the Company’s next phase of growth under the leadership of President and Chief Executive Officer Vince Tyra and ensure the previously announced sale process is conducted in a manner that will benefit all shareholders of Gildan.

The Company is pleased to announce that its Board of Directors has appointed Timothy (Tim) Hodgson, former Special Advisor to Governor Carney at the Bank of Canada and former CEO of Goldman Sachs Canada, Lewis L. (Lee) Bird III, former Chairman and Chief Executive Officer of At Home Group Inc., Jane Craighead, former Senior Vice President Global Human Resources at Scotiabank, Lynn Loewen, former President of Minogue Medical Inc., and Les Viner, former Managing Partner of Torys LLP, as independent directors of the Board, effective May 1, 2024. The five new directors take the seats of Directors Donald C. Berg, Maryse Bertrand, Shirley Cunningham, Charles Herington, and Craig Leavitt. The Board decided that near-term board refreshment was in the best interests of Gildan. To facilitate a smooth transition process at this important junction, the new directors have been recent observers to the Board.