Gildan Activewear CEO and president Glenn Chamandy is to sell up to 1m of his shares in the company over the next 11 months under a pre-arranged share disposition plan.

But he will still remain one of the apparel maker's largest investors, with more than 6m shares - representing around 5% of outstanding shares on a fully diluted basis.

Earlier this month the Montreal-based firm recorded an 18% rise in first quarter earnings, buoyed by revenue increases in both its major operating segments. It also reiterated its full-year forecast of net sales of $2.35bn and adjusted EPS of $3.00-3.10.