Hanesbrands Inc. Announces Executive Leadership Succession Plan
Hanesbrands Inc., Winston-Salem, N.C., yesterday announced that its board of directors approved its leadership succession plan, under which Richard A. Noll, chairman and CEO of Hanesbrands Inc., would narrow his role to executive chairman. Current chief operating officer Gerald W. Evans Jr. will assume the role of CEO, effective Oct. 1.
According to a press release, Evans also has been appointed to the company's board of directors, effective immediately.
"This past decade has been a phenomenal journey, and I am very proud of the amazing accomplishments of our 65,000 employees," Noll said. "This is the perfect time to transition our leadership. Our business is healthy, our acquisitions are performing well, and we have a very bright future. I have full confidence in Gerald's readiness, ability and vision to drive the business to even greater heights as CEO."
In April, Hanesbrands Inc. acquired Pacific Brands Limited, an Australian underwear and intimates manufacturer, in a cash transaction valued at $800 million.
Hanesbrands Inc. expects the transition to be seamless, as a result of the board's planning for the company's ranks.
Both Noll and Evans have held leadership positions at the company for more than 30 years.
"Each board member has the utmost respect for Rich Noll and Gerald Evans as accomplished leaders of this company," said Ronald L. Nelson, the board's lead director. "Under Rich's leadership, the company has increased its annual sales from $4 billion to $6 billion, grown EPS at a compounded rate of 20 percent per year, and quintupled shareholder value from $2 billion to $10 billion. We are grateful for Rich's decade of leadership and success, and we are thrilled to have such a capable leader as Gerald to build the business even further."
Evans joined the company in 1983, and took the role of chief operating officer in 2013. Since then, he has overseen acquisitions of companies, including Gear for Sports, Maidenform, Knights Apparel and Hanes Innnerwear Europe.
"I am honored to become CEO and look forward forward to driving the organization to the next level of success," Evans said. "Our brands are primed for growth, our acquisitions are adding significant value and scale, and our product development and innovation pipeline are stronger than ever. Along with our worldwide employees, I am committed to maximizing the value we can create as the very best basics apparel company in the world."
For more information on Hanesbrands Inc., visit www.haneslocator.com.