In view of the current difficult situation and extensive reform efforts, the US textile group Hanesbrands Inc. has expanded its board of directors with immediate effect.
On Thursday, the company, which is currently considering the sale of its sportswear brand Champion, among other things, announced the appointment of three new independent directors. New recruits Colin Browne, John Mehas and Natasha Chand have extensive experience in the textile and retail industries.
The newcomers are experienced executives from the textile and retail industries
Until his recent resignation, Browne worked as Chief Operating Officer (COO) at the sporting goods provider Under Armor Inc. He previously held the position of Chief Supply Chain Officer there and has since led the company as interim CEO. He also has career positions at the clothing company VF Corporation and the brands Reebok and Bally.
During his more than thirty-year career, Mehas, among other things, led the lingerie brand Victoria’s Secret as CEO. He also held various positions at Tory Burch, Ralph Lauren and Gap. He is currently the CEO of the clothing company Vineyard Vines LLC.
Chand gained management experience at international textile and retail companies such as Levi Strauss & Co., Target and Amazon. She currently runs the management consultancy Nobo LLC, which she co-founded.
The group concludes a standstill agreement with the critical investor Barington
The appointments also brought calm to the company, which had recently been in crisis. In connection with the expansion of the board, a standstill agreement was concluded with the activist investor Barington Capital Group LP, Hanesbrands announced. A few weeks ago, the financial company publicly criticized the management’s strategy and called for stricter reforms, but is now ready to work together constructively.
“We believe that the Board of Directors in its new composition is able to advance the company in pursuit of our common goal and create value for Hanesbrands shareholders,” Barington CEO James Mitarotonda said in a statement.
However, the expansion of the Board of Directors to 13 members resulting from the appointments now announced is only intended to be of a temporary nature. As part of the annual general meeting next year, the committee will be reduced to its previous size of ten members, Hanesbrands announced.