Colin Browne, Natasha Chand and John Mehas
Further Strengthen Board, Bringing Operational and Retail Industry
Experience
Enters into Cooperation Agreement with
Barington
HanesBrands (NYSE: HBI) today announced that its Board of
Directors (the “Board”) has appointed Colin Browne, Natasha Chand
and John Mehas as independent directors to the Board, effective
immediately.
Ronald L. Nelson, Chairman of the Board, said, “We are pleased
to welcome Colin, Natasha and John as independent directors to the
HanesBrands Board. They bring important relevant experience in
retail, consumer brands and operations, and we look forward to
gaining their insights as the Company continues to focus on driving
improved performance and pursues key ongoing initiatives including
the evaluation of alternatives for the global Champion business.
The Board is fully supportive of the Company’s CEO, Steve
Bratspies, as he and the broader team continue to execute on all of
the Company’s strategic plans, and we are steadfast in our
commitment to delivering sustainable value creation for
shareholders. We are confident the addition of these directors in
combination with our current directors brings together diverse
perspectives that will be beneficial as the Company continues to
take actions to drive accelerated growth and profitability.”
In connection with these appointments, the Company entered into
a cooperation agreement with shareholder Barington Capital Group,
L.P. (“Barington”). Pursuant to the agreement, Barington has agreed
to customary standstill, voting and other provisions. In addition,
also pursuant to the agreement, Barington will provide advisory
services to the Company from time to time with respect to the
Company’s business, operations, strategic and financial matters,
corporate governance and the composition of the Board. The full
agreement will be filed by the Company with the U.S. Securities and
Exchange Commission as an exhibit to a Current Report on Form
8-K.
James A. Mitarotonda, Chief Executive Officer of Barington,
commented, “We believe this newly constituted Board is positioned
to guide the Company forward in pursuing our mutual goal to create
value for HanesBrands’ shareholders. We appreciate the efforts and
recent actions taken by Steve Bratspies and the management team. We
look forward to working with him and the Board.”
With these appointments, the Company’s Board will temporarily
expand to 13 directors before returning to 10 directors effective
at the 2024 annual meeting of stockholders.
Advisors
Goldman Sachs & Co. LLC and Evercore are serving as
financial advisors to HanesBrands and Jones Day and Kirkland &
Ellis LLP are serving as its legal advisors.
About Colin Browne
Colin Browne is an international brand executive with over 40
years of industry experience across footwear, apparel and
accessories. Most recently, Mr. Browne served as Chief Operating
Officer of Under Armour from January 2020 to November 2023. During
his tenure at Under Armour, which he joined in 2016, Mr. Browne
also served as Interim Chief Executive Officer and President from
June 2022 to February 2023 and Chief Supply Chain Officer from 2017
to 2020. He was an integral part of the company’s successful
transformation and is credited with modernising Under Armour’s
digital go-to market strategy and implementing supply chain
capabilities that enabled the company to amplify profit margins and
operating efficiency despite recent global supply challenges. Prior
to his time at Under Armour, Mr. Browne was the Managing Director
of Asia Sourcing for V.F. Corporation, one of the world’s largest
apparel, footwear and accessories companies, that owns iconic
labels including The North Face, Timberland and Vans. Throughout
his career, Mr. Browne has held roles of increasing
responsibilities at a number of leading organizations, including Li
& Fung USA, Pentland Brands, Wongpaitoon Group, Reebok and
Bally Shoes. Mr Browne currently serves as a board member of
Worldly (Higg), a group that provides businesses with the insights
needed for impact improvement, compliance and disclosure. He is
also Co-Chairman of the Digital Supply Chain Institute.
About Natasha Chand
Natasha Chand is a consumer business and technology executive
with over 25 years of experience building and leading consumer
brands globally. Ms. Chand is the Principal at NoBo, LLC, an
advisory services firm that focuses on digitally and operationally
transforming early-stage and Fortune 500 companies. From 2016 to
2021, Ms. Chand served as a co-founder and the Global CEO of
Amazon’s Softlines Private Brands, where she both conceptualized
and scaled several brands, including Amazon Essentials, into top
ten fashion brands in Amazon’s stores. Prior to joining Amazon in
2014, Ms. Chand was the Executive Vice President of Menswear at
Target Australia, a leading Australian value-oriented retailer.
From 2005-2012, she held multiple senior leadership roles at Levi
Strauss & Co., one of the world’s largest brand-name apparel
companies, including Vice-President of Corporate Development. Ms.
Chand began her career with McKinsey & Company. She currently
serves as an Independent Board Director of Fair Trade USA, the
leading certifier of fair trade products in North America. Ms.
Chand holds an MBA from Stanford University and an HBA in Business
Administration from the Ivey Business School at University of
Western Ontario.
About John Mehas
John Mehas is a highly experienced retail leader with over 30
years of building global brands and a proven track record of
driving shareholder value through creative leadership. Mr. Mehas
currently serves as Chief Executive Officer of Vineyard Vines, LLC.
Prior to joining Vineyard Vines, LLC, he served as the Chief
Executive Officer of Victoria’s Secret Lingerie, having led the
turnaround of one of the world’s most iconic brands from 2019 to
2021. Mr. Mehas served as President of Tory Burch, LLC from 2017 to
2019, CEO and President of Club Monaco from 2001 to 2017 and Group
President of Ralph Lauren Kids from 2015 to 2017 within the Polo
Ralph Lauren Corporation, where he led the multi-tiered, bespoke
global lifestyle brand. He held a variety of key Senior
Merchandising roles at GAP, Inc. where he was instrumental in
driving one of its highest growth periods. Mr. Mehas began his
career at the iconic Bloomingdales, rising to Senior Vice President
of Merchandising and DMM positions. Mr. Mehas is a Board member of
Prior, an innovative travel experience company. He is an active
supporter of the Hudson Guild, serving Manhattan’s West Side and
Chelsea community. Mr. Mehas holds a Bachelor of Arts in Economics
from The University of Toledo.
Cautionary Statement Concerning Forward-Looking
Statements
This news release contains certain forward-looking statements,
as defined under U.S. federal securities laws, with respect to our
plans, expectations and long-term goals associated with our
business. These forward-looking statements are based on our current
intentions, beliefs, plans and expectations. Readers are cautioned
not to place undue reliance on any forward-looking statements.
Forward-looking statements inherently involve risks and
uncertainties, many of which are outside of our control, that could
cause actual results to differ materially from such statements and
from our historical results and experience. These risks and
uncertainties include such things as: our ability to identify,
execute, and realize the benefits from, any potential strategic
transaction involving Champion; our ability to successfully execute
our Full Potential plan and other strategic actions to achieve the
desired results; the rapidly changing retail environment and the
level of consumer demand; our reliance on a relatively small number
of customers for a significant portion of our sales; our ability to
deleverage on the anticipated time frame or at all, which could
negatively impact our ability to satisfy the financial covenants in
our Credit Agreement or other contractual arrangements; any
inadequacy, interruption, integration failure or security failure
with respect to our information technology (including the
ransomware attack announced May 31, 2022); the impact of
significant fluctuations and volatility in various input costs,
such as cotton and oil-related materials, utilities, freight and
wages; the availability of global supply chain resources; our
ability to attract and retain a senior management team with the
core competencies needed to support growth in global markets and
ongoing labor shortages generally; significant fluctuations in
foreign exchange rates; legal, regulatory, political and economic
risks related to our international operations; our ability to
effectively manage our complex multinational tax structure; and
other risks identified from time to time in our most recent
Securities and Exchange Commission reports, including our most
recent annual report on Form 10-K and subsequent quarterly reports
on Form 10-Q. Since it is not possible to predict or identify all
of the risks, uncertainties and other factors that may affect
future results, the above list should not be considered a complete
list. Any forward-looking statement speaks only as of the date on
which such statement is made, and HanesBrands undertakes no
obligation to update or revise any forward-looking statement,
whether as a result of new information, future events or otherwise,
other than as required by law.
HanesBrands
HanesBrands (NYSE: HBI) makes everyday apparel that is known and
loved by consumers around the world for comfort, quality and value.
Among the company’s iconic brands are Hanes, the leading basic
apparel brand in the United States; Champion, an innovator at the
intersection of lifestyle and athletic apparel; and Bonds, which is
setting new standards for design and sustainability. HBI employs
51,000 associates in 32 countries and has built a strong reputation
for workplace quality and ethical business practices. The company,
a longtime leader in sustainability, has set aggressive 2030 goals
to improve the lives of people, protect the planet and produce
sustainable products. HBI is building on its unmatched strengths to
unlock its #FullPotential and deliver long-term growth that
benefits all of its stakeholders.
Barington Capital Group,
L.P.
Barington Capital Group, L.P. (“Barington”) is a fundamental,
value-oriented activist investment fund founded in 2000 by James A.
Mitarotonda. Barington invests in undervalued publicly traded
companies that Barington believes can appreciate significantly in
value when substantive improvements are made to their operations,
corporate strategy, capital allocation and corporate governance.
Barington’s investment team, advisors and network of industry
experts draw upon their extensive strategic, operating and
boardroom experience to assist companies in designing and
implementing initiatives to improve long-term shareholder
value.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231116400799/en/
News Media, contact: Nicole Ducouer, (336) 986-7090 Analysts and
Investors, contact: T.C. Robillard, (336) 519-2115
Hanesbrands (NYSE:HBI)
Historical Stock Chart
From Apr 2024 to May 2024
Hanesbrands (NYSE:HBI)
Historical Stock Chart
From May 2023 to May 2024