“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. 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,” Ronald L Nelson, chairman of the board, said.

In connection with these appointments, the company entered into a cooperation agreement with shareholder Barington Capital Group (Barington). Pursuant to the agreement, Barington has agreed to 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 the company with the US Securities and Exchange Commission as an exhibit to a current report on Form 8-K, the company said in a press release.

“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,” James A Mitarotonda, chief executive officer of Barington, said.

With these appointments, the company’s board will temporarily expand to 13 directors before returning to 10 directors effective at the 2024 annual meeting of stockholders.

Fibre2Fashion News Desk (RR)