HanesBrands Appoints William S. Simon Chairman of the Board of Directors
December 15 2023 - 7:00AM
Business Wire
Simon to Succeed Ronald L. Nelson, Who Will
Retire from the Board at Year-End
Cheryl K. Beebe and Ann E. Ziegler Also to
Retire, Returning Board Size to 10 Members
HanesBrands (NYSE: HBI) today announced that its Board of
Directors (the “Board”) has appointed William S. Simon to serve as
Chairman of the Board, effective December 31, 2023. His appointment
follows Ronald L. Nelson’s decision to retire as Chairman and a
member of the Board at the end of the year.
Mr. Simon has been a director at the Company since 2021 and has
previously served on the Talent and Compensation Committee and the
Governance and Nominating Committee. He is Executive Advisor to the
KKR & Co. investment firm and President of WSS Venture
Holdings, LLC, a consulting and investment company, after having
served as President and CEO of Walmart U.S., and brings extensive
senior leadership skills and deep experience as a public company
director at other consumer-facing companies.
Cheryl K. Beebe and Ann E. Ziegler will also retire as members
of the Board on December 31, 2023. These changes follow the
appointment of three new independent directors, Colin Browne,
Natasha Chand and John Mehas, last month and align with the
Company’s previously announced intent to return the Board to 10
members.
Steve Bratspies, CEO and Director, said, “HanesBrands has been
fortunate to benefit from the strategic leadership, operational
expertise and financial acumen that Ron, Cheryl and Ann each
brought to the Board. They have made significant contributions to
the Company throughout their years of service. They served as
valuable partners to me and our leadership team as we have
developed and executed a strategy to capitalize on HanesBrands’
growth opportunities, simplify our global business and best
position our brands for success in an evolving consumer
environment. I look forward to working with Bill in his new role as
Chairman as we accelerate and continue to advance our strategic
initiatives.”
Mr. Simon, incoming Chairman of the Board, said, “On behalf of
the Board, I thank Ron for his years of leadership and Cheryl and
Ann for their dedication to HanesBrands. I appreciate the Board’s
confidence in me, and I look forward to working with my fellow
directors and the management team in my new role as Chairman. As we
move ahead with fresh perspectives gained from our recently
appointed new directors, the Board continues to be intensely
focused on delivering enhanced shareholder value. We are
collectively committed to supporting management as the team
executes on opportunities to drive improved growth and
profitability.”
Mr. Nelson, Chairman of the Board, said, “It has been an honor
to serve as a director and the Chairman of the HanesBrands Board.
Over the course of my 15 years on the Board, the Company has
remained true to its core principle of making apparel known and
loved by consumers around the world for comfort, quality and value
while growing and evolving with the industry. Looking forward, I am
confident that Bill, Steve and the full team will continue to
leverage the strength of the Company’s brands and enhanced
operations to deliver further growth and value for all shareholders
and stakeholders.”
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 transformation plan, global Champion performance
plan, or any modifications thereto 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; future intangible assets or goodwill
impairment due to changes in our business, market conditions, or
other factors, including any sale of the Champion business; 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, including regional
and global military conflicts; 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; Bonds, which is
setting new standards for design and sustainability; Maidenform,
America’s number one shapewear brand; and Bali, America’s number
one bra brand. 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.
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News Media, contact: Nicole Ducouer, (336) 986-7090
Analysts and Investors, contact: T.C. Robillard, (336)
519-2115
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