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WINSTON-SALEM, N.C. - HanesBrands (NYSE: HBI), known for its portfolio of apparel brands and currently valued at $2.7 billion in market capitalization, has announced that its current CEO, Steve Bratspies, will step down by the end of 2025 or once a successor is appointed. The company’s board has initiated a comprehensive search for the next CEO with the assistance of Spencer Stuart, an executive search firm.
Bratspies, who will also resign from the board of directors concurrent with his departure as CEO, has been credited with leading the company through a challenging period in the apparel industry. During his tenure, he has overseen a restructuring of the company’s operating model, the divestiture of the Champion brand, and a strategic refocusing that has positioned HanesBrands for growth in the basics and innerwear segments. According to InvestingPro data, these efforts have contributed to a remarkable 69.7% stock price increase over the past year, with a particularly strong 26.8% gain in the last six months.
Bill Simon, Chairman of the Board, expressed gratitude for Bratspies’ transformative leadership, highlighting that under his guidance, HanesBrands has achieved more consistent growth, improved margins, and robust cash generation. The board is seeking a leader who will build on this momentum.
Bratspies reflected on his time as CEO with pride, noting the company’s evolution into a more consumer-centric global entity. He emphasized the team’s accomplishments in streamlining the business and expressed his commitment to continue leading HanesBrands’ growth initiatives until a new CEO is in place.
In conjunction with the leadership transition announcement, HanesBrands also released its fourth-quarter and full-year 2024 results. While the company has faced profitability challenges, InvestingPro analysis indicates positive momentum ahead, with analysts forecasting a return to profitability this year. The company will discuss these financial outcomes during an investor conference call scheduled for today. For deeper insights into HanesBrands’ financial health and future prospects, investors can access the comprehensive Pro Research Report, available exclusively on InvestingPro.
This news release contains forward-looking statements regarding the company’s strategic plans and the anticipated management transition. These statements are subject to risks and uncertainties that could affect actual outcomes.
HanesBrands is recognized for its production of basic apparel and innerwear, with a global presence and a portfolio of brands that includes Hanes, Bonds, Maidenform, and Bali. With annual revenues of $5.47 billion and a healthy current ratio of 1.49, the company maintains a strong market position while priding itself on its manufacturing facilities and commitment to ethical business practices.
This article is based on a press release statement from HanesBrands.
In other recent news, Hanesbrands (NYSE:HBI) has made notable strides in its business operations. The company recently extended its cooperation agreement with the activist investor group Barington until November 30, 2025, according to a SEC filing. This amendment, which took effect from January 16, 2025, modifies the terms of the original agreement, including the timeframe for early termination of Barington’s advisory services. This collaboration forms part of Hanesbrands’ ongoing efforts to enhance its performance and value.
In addition to this, UBS has upgraded Hanesbrands from Neutral to Buy, citing a potential turnaround and a 24% compound annual growth rate (CAGR) in earnings per share (EPS) over the next year. UBS’s valuation of Hanesbrands is based on a 13 times price-to-earnings (P/E) ratio, which it deems appropriate given the anticipated growth. The firm also increased its price target for Hanesbrands to $11.00 from $9.00. These recent developments signal potential changes in the strategic direction and governance of Hanesbrands.
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