HanesBrands, Inc. is reporting that CEO Steve Bratspies will depart the company as CEO at the end of 2025 or upon the appointment of his successor. Bratspies will also step down from the Board of Directors concurrent with the end of his tenure. He will stay on in an advisory role until a new CEO is identified to support a smooth transition.
As part of the company’s leadership succession planning process, the Board has begun a comprehensive search to identify Bratspies replacement and has retained Spencer Stuart, an executive search firm, to support its work.
“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,” stated Bill Simon, chairman of the Board at HanesBrands, Inc. “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.
“On behalf of the entire Board, we deeply appreciate the transformative leadership Steve has demonstrated throughout his tenure as CEO to make HanesBrands a new and better company, said Simon. “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.”
“Leading HanesBrands over the past five years has been an honor,” offered Bratspies. “Since joining as CEO, working alongside our talented global team, we have significantly simplified and strengthened our business. 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.”
Bratspies continued, “I look forward to working closely with the Board as it conducts a search to identify my successor. I am committed to continuing to lead our global team in delivering for our consumers and retail partners and advancing our growth initiatives.”
Image courtesy HanesBrands, Inc.
