Q: Can you comment on what happened to GIL today and the reason for the big drop in price?
5i Research Answer:
The founder, and long time CEO, made a surprise announcement indicating that he was fired on the weekend, without cause. Another CEO has been named. It looks like it was a big dispute with the Board, likely on the future direction of the company. It is an unfortunate event, certainly. We think he has done a good job with the company, having been with GIL 40 years. But it is what it is, and the drop reflects some new uncertainty.