WINSTON-SALEM, N.C.-HanesBrands announces that CEO Gerald W. Evans Jr. plans to retire at the end of the current fiscal year, which ends Jan. 2, 2021. Evans notified the company’s board of directors with his decision this week.
With the announcement, Hanes’ board of directors says it has begun the search for a new CEO with the help of executive firm Russell Reynolds Associates. The company expects to consider both internal and external candidates.
Evans’ career with the company stretches back to 1983, and he took over as CEO in 2016. Hanes credits Evans as critical to the company’s growth, success, and evolution.
“Since being appointed CEO in 2016, (Evans) has overseen the successful execution of a strategy focused on cash generation, channel and geographic diversification, omnichannel expansion, organic sales growth, and innovation leveraging brand building and the company’s global supply chain,” the company states in a press announcement.
According to Hanes, Evans has guided the rapid growth of the company’s international commercial operations, overseen the doubling of global Champion annual brand sales to nearly $2 billion, and championed increased consumer-directed sales with 25% of total revenue now occurring online or through brand stores. Under his leadership, the company says it also has “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 reported $2.1 billion in cumulative operating cash flow over the past three years.
“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,” says Evans. “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.”
For more information, visit www.Hanes.com/corporate.