HanesBrands appoints new board member

WINSTON-SALEM, N.C. - HanesBrands (NYSE:HBI), a global apparel company, announced the appointment of Sharilyn Gasaway to its board of directors. Gasaway will serve on the Audit Committee through the 2025 annual meeting of stockholders.

Gasaway's appointment brings a wealth of financial expertise to the HanesBrands board, drawing from her previous role as executive vice president and chief financial officer at Alltel Corporation. During her tenure at Alltel, she was integral to a $32 billion private equity buyout and the company's subsequent merger with Verizon (NYSE:VZ).

Her experience extends to board directorships at Genesis Energy (NYSE:GEL) and JB Hunt (NASDAQ:JBHT) Transport Services Inc., as well as past service on the board of Waddell and Reed Financial Inc.

CEO Steve Bratspies emphasized Gasaway's strategic transformation capabilities as a key asset in driving the company's financial goals, including debt reduction, growth, and cash flow generation. Chairman Bill Simon also highlighted her leadership experience and background in strategic growth initiatives as valuable contributions to the board's mission of elevating HanesBrands' global presence and long-term success.

Gasaway, a licensed CPA, holds a bachelor's degree in accounting from Louisiana Tech University and has attended an executive development program at The Wharton School.

HanesBrands, known for its iconic brands such as Hanes, Champion, Bonds, Maidenform, and Bali, employs approximately 48,000 associates globally. The company has been recognized for its commitment to sustainability and ethical business practices, with ambitious 2030 goals to improve societal impact, environmental protection, and sustainable product development.

The information is based on a press release statement from HanesBrands.

InvestingPro Insights

As HanesBrands (NYSE:HBI) welcomes Sharilyn Gasaway to its board of directors, investors and industry observers are keen to understand the potential impact on the company's financial trajectory. The appointment of Gasaway, with her vast financial leadership, could be pivotal as the company navigates through challenging market conditions.

InvestingPro data highlights a market capitalization of approximately $1.7 billion for HanesBrands, reflecting its standing in the global apparel market. Despite recent revenue declines, with a -10.64% change over the last twelve months as of Q1 2024, the company's valuation suggests a strong free cash flow yield, which could be indicative of its ability to generate cash and potentially reduce debt—a key goal emphasized by CEO Steve Bratspies.

Moreover, an InvestingPro Tip points to the expectation of net income growth this year. This aligns with the strategic transformation capabilities that Gasaway is expected to support, potentially leading HanesBrands to a more profitable horizon. However, investors should be aware that four analysts have revised their earnings downwards for the upcoming period, signaling caution and the need for close monitoring of the company's financial performance.

With an adjusted P/E ratio of 23.12, the company's stock price movements are quite volatile, which could present both risks and opportunities for investors. It's also noteworthy that while HanesBrands does not pay a dividend, its liquid assets exceed short-term obligations, providing some financial stability.

For those looking to delve deeper into HanesBrands' financials, InvestingPro offers additional insights. There are several more InvestingPro Tips available, which could further inform investment decisions. Interested readers can use the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription, helping them to stay ahead with comprehensive analysis and up-to-date metrics.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.