HanesBrands Appoints Independent Directors

HanesBrands announces that its board of directors has appointed Colin Browne, Natasha Chand, and John Mehas as independent directors to the board, effective immediately.

“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,” says Ronald Nelson, chairman of the board.

Nelson continues, “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.”

• Colin Browne is an international brand executive with over 40 years of industry experience across footwear, apparel, and accessories. Most recently, Browne served as chief operating officer of Under Armour. During his tenure at Under Armour, which he joined in 2016, Browne also served as interim CEO and president and chief supply chain officer.
• Natasha Chand is a consumer business and technology executive with over 25 years of experience building and leading consumer brands globally. Chand is the principal at NoBo, an advisory services firm that focuses on digitally and operationally transforming early-stage and Fortune 500 companies. Chand served as a co-founder and the global CEO of Amazon’s Softlines Private Brands.
• John Mehas is an experienced retail leader with over 30 years of building global brands and a proven track record of driving shareholder value through creative leadership. Mehas currently serves as CEO of Vineyard Vines. Prior to joining Vineyard Vines, he served as the CEO of Victoria’s Secret Lingerie.

Barington Capital Group

In connection with these appointments, Hanes entered into a cooperation agreement with shareholder Barington Capital Group. Pursuant to the agreement, Barington has agreed to a 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 Hanes with the U.S. Securities and Exchange Commission.

James A. Mitarotonda, CEO of Barington, comments, “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 Hanes’ board will temporarily expand to 13 directors before returning to 10 directors effective at the 2024 annual meeting of stockholders.

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.