HanesBrands CEO Gerald W. Evans Jr. announces retirement
The company's board of directors, who were notified of Evans' decision on March 11, has started a search for his replacement, with the help of Russell Reynolds Associates, an independent executive search firm. HanesBrands said the board expects to consider both internal and external candidates.
Evans, who is 60 years old, first joined Hanes in 1983 and was appointed CEO in 2016. During his time in the role, HanesBrands increased earnings per share, significantly strengthened its balance sheet; generated quarterly organic sales growth for more than two years; increased annual revenue to nearly $7 billion; and has generated a record $2.1 billion in cumulative operating cash flow over the past three years, the company said.
In addition, HanesBrands credits Evans with guiding rapid growth of the company’s international commercial operations, supporting increased consumer-directed sales, and overseeing the doubling of global annual brand sales for Champion - one of HanesBrands' most successful brands - to nearly $2 billion.
Evans has served as a member of the HanesBrands board since 2016. Prior to becoming the company's CEO, he served as HanesBrands' chief operating officer.
“After more than three and a half decades at Hanes, I am confident that now is the right time for the company to transition to its next generation of leadership,” Evans said.
“Thanks to our team of hard-working employees around the world, we have created a strong foundation for sustainable success that is rooted in our customer-centric approach, agile business model and commitment to continuous improvement. I am confident that Hanes is well positioned to achieve its full potential and am pleased to work alongside the rest of the board and management team to provide a smooth handoff to our next CEO.”
“[Evans] has been an invaluable member of the Hanes team during his 36 years of dedicated service,” said Ronald L. Nelson, chairman of the Hanes board.
“Under his leadership, the company has expanded its geographic footprint, broadened its portfolio of premium brand offerings, and pioneered product, process and supply chain innovation, helping transform Hanes into the world’s largest everyday basic apparel company. We thank [Evans] and appreciate his willingness to continue with the company through year end to ensure a seamless transition of leadership.”
In February, the Winston-Salem, North Carolina-based company reported a 1% decrease in revenues in the fourth quarter ended December 28, 2019, as sales in its innerwear and activewear segments declined, but managed to achieve solid growth in its earnings. The company's net sales for the quarter totaled $1.75 billion, down from $1.77 billion in the same quarter year-prior.
This week, HanesBrands announced that it has signed a multi-year agreement with Amazon for the exclusive distribution of its value-priced C9 Champion brand.
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