Glenn J. Chamandy, president and chief executive of Gildan Activewear Inc., has authorized a Canadian financial institution to sell up to 4 million of his common shares of Gildan over a maximum 12-month period beginning September 1, the company announced earlier this week, according to an article in the Winston Salem Journal.
He reportedly entered into a pre-arranged share disposition plan. Subsequent to the sale of shares under the 10b5-1 plan, Chamandy will continue to be one of the largest investors in Gildan, with more than 8.4 million remaining shares representing about 3 percent of the company’s outstanding shares on a fully diluted basis.
Gildan, based in Montreal, has pledged to create more than 700 jobs in North Carolina as part of expanding domestic yarn-spinning capacity for new and existing products for its Gildan Yarns division.
Gildan has a plant in Clarkton, NC. and several more in the Piedmont area of North Carolina.
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