STATEMENT BY GLENN J. CHAMANDY IN RESPONSE TO THE PRESS RELEASE ISSUED BY GILDAN ACTIVEWEAR'S BOARD OF DIRECTORS

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Jan 17, 2024, 08:00 ET

MONTREAL, Jan. 17, 2024 /PRNewswire/ - Glenn J. Chamandy, former President and CEO and co-founder of Gildan Activewear Inc., today issued the following statement in response to the press release of the Gildan Activewear Inc. board of directors of January 16, 2024:

Over the years, Gildan's executive team and I dedicated ourselves to fostering relationships with our stakeholders, grounded in confidence and trust. These efforts were instrumental in establishing a company that is not only respected, but also deeply trusted by its shareholders, customers and employees.

It is with regret that I observe the board's current focus on a strategy seemingly aimed at undermining my reputation and my record through insinuation and distortion of the truth. The board's latest release barely warrants a response. It continues to reflect an approach that is misguided, misleading, and value-destructive, prioritizing the obsession of board members with their own reputations above all else. It is imperative that the board refocus its efforts and priorities toward recovering the loss of value for which it is responsible – and listening to shareholders, a goal that benefits all stakeholders. This must be done forthwith to avoid further detriment to Gildan.

SOURCE Glenn J. Chamandy