HanesBrands announced Thursday that its board of directors has appointed Colin Browne, Natasha Chand and John Mehas as independent board directors, effective immediately.
In connection with these appointments, Champion’s parent company said it had reached an agreement with shareholder Barington Capital Group.
Under the agreement, Barington agreed to the customary suspension, voting and other provisions. In addition, Barington will periodically provide advisory services to the US company with respect to its business, operations, strategic and financial matters, corporate governance and board composition.
“We are pleased to welcome Colin, Natasha and John as independent directors to the HanesBrands board,” said Ronald Nelson, Chairman of the Board of HanesBrands, whoIn September he said that it is mulling over “strategic options” for its long-suffering Champion brand, including a possible sale.
“They bring significant relevant experience in consumer retail operations and brands, and we look forward to gaining their insights as the company continues to focus on driving improved performance and pursue key ongoing initiatives, including evaluating alternatives for the global market. Champion business. The board of directors fully supports the company’s CEO, Steve Bratspies, as he and the broader team continue to execute all of the company’s strategic plans, and we are steadfast in our commitment to delivering sustainable value creation for shareholders. “We are confident that the addition of these directors combined with our current directors brings together diverse perspectives that will be beneficial as the company continues to take steps to drive accelerated growth and profitability.”
With these appointments, the company’s board of directors will temporarily expand to 13 directors before returning to 10 directors beginning with the 2024 annual shareholder meeting.
“We believe this newly formed board is positioned to guide the company forward in achieving our mutual goal of creating value for HanesBrands shareholders,” said James Mitarotonda, CEO of Barington.
“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 of directors.”
The board shakeup comes weeks after HanesBrands published a 9.5% contraction in third-quarter sales to $1.51 billion, as the American clothing firm Champion The brand faced another tumultuous quarter, down 19% from the same period last year.
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