Wednesday, 10 June 2020

HanesBrands names former Walmart executive as CEO



After the retirement of previous Chief Executive Officer Gerald W. Evans Jr. was announced in March, HanesBrands has announced Stephen B. Bratspies as the company's new CEO and board member, effective August 3. 

He will relocate to Winston-Salem, North Carolina, where HanesBrands is based, for the new role. 

Bratspies joins HanesBrands from Walmart, where he most recently served as a chief merchandising officer. In this role, he managed $330 billion in sales, drove a major merchandising transformation initiative, and accelerated comp-store sales and market share gains. 

Over the course of a 15-year career at the company, he also served as Walmart's executive vice president of food, executive vice president of general merchandise, and senior vice president of marketing, among other roles. 

Prior to joining Walmart, Bratspies served as a chief marketing officer at Specialty Brands, Inc. and as director of marketing at Frito Lay. 

“After a comprehensive search, we are excited to appoint [Bratspies] as the next CEO of Hanes,” said Ronald L. Nelson, the company’s chairman of the board.

“[He] is an experienced global leader, has a strong vision for the future of consumer products businesses, and has an extensive track record of success in senior management roles across a number of critical business disciplines. He has tackled complex business challenges and consistently delivered superior results across a multitude of consumer product categories.

“We are confident that Steve is the ideal CEO to lead Hanes forward as we focus on our strong portfolio of consumer brands across the globe, rapid online growth, and strong cash flow model."

“It is an honor to assume the role of CEO and join this highly respected global team of 63,000 strong," said Bratspies. "Hanes has built a world-class company-owned supply chain and established a strong reputation for workplace, environmental, and social responsibility. Together, we will continue to accomplish great things and chart a future of growth and value creation for all of our constituencies.”

In May, HanesBrands, which operates the Hanes and Champion brands, reported a Q1 loss, as a stronger-than-expected performance early in the quarter was hit by the Covid-19 pandemic. For the first quarter ended March 28, 2020, the company announced a net loss of $7.8 million, down from $81.1 million years prior. 

The company's net sales totaled $1.32 billion, compared to the $1.59 billion reported by the company in the year-prior period.

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