HanesBrands CEO Steve Bratspies will depart from his top role at the end of 2025, or upon the appointment of a successor.
This comes as the parent company to Bonds and other innerwear brands reported sales growth in Australia in the fourth quarter of 2024.
The board has begun a comprehensive search to identify HanesBrands’ next CEO and has retained an American executive search firm to help.
Bratspies will step down from the board of directors concurrent with the end of his tenure as CEO. He will stay on in an advisory role once a new CEO is named to support a smooth transition.
“Having reached a positive and important inflection point in executing our strategy and looking ahead to the next leg of the company’s journey, the board, in concurrence with Steve, has decided that now is the right time to initiate a search for our next CEO,” chairman Bill Simon said.
“We are actively searching for the next leader who will continue building on our momentum for the next chapter of the Company’s growth. We will provide updates as appropriate.”
Simon and the board commended Bratspies for his “transformative leadership” since early 2020.
“Steve led HanesBrands through a turbulent period in our industry, overhauling the company’s operating model, completing the sale of the Champion business and positioning HanesBrands as a global powerhouse in basics and innerwear.
“Under Steve’s leadership, the Company has narrowed its focus and is now on track to deliver even stronger performance and increased shareholder returns in the coming years.”
Bratspies said it has been an honour leading the business.
“Since joining as CEO, working alongside our talented global team, we have significantly simplified and strengthened our business,” Bratspies said. “HanesBrands today is a more consumer-centric global operating company better prepared and strategically positioned to leverage our brands, innovation, marketing, talent, and supply chain capabilities around the world.
“Our business is delivering more consistent top-line growth, higher margins, and strong cash generation and has multiple levers to unlock shareholder value. I am proud of the actions we have taken, what this organization has achieved together, and how HanesBrands is ready for the future.”
This comes as net sales for the fourth quarter of 2024 hit US$888 million (A$1.4 billion), up 4.5 per cent on the prior year.
Gross profit and adjusted gross profit were US$390 million and US$392 million respectively, an increase over the prior year of 14 per cent and 15 per cent respectively.
As previously noted, international sales increased 2 per cent in the fourth quarter to US$252.9 million, which included a US$9 million headwind from unfavourable foreign exchange rates.
On a constant currency basis, global sales lifted 6 per cent, which was also driven by sales growth in the Americas and Asia.
“We delivered a strong quarter and full year with results across all key metrics exceeding our expectations as the benefits of our transformation strategy are clearly working,” Bratspies said.
“We enter 2025 as a new company. We are a more simplified, focused business with a powerful asset base and significant competitive advantages.
“We believe we are well positioned to build on fourth quarter’s momentum and deliver positive sales growth, additional margin expansion, strong cash generation and continued debt reduction, providing us multiple levers to create additional shareholder value in 2025 and beyond.”