Ronald L. Nelson, chairman of the Board, said in a press release, “We are pleased to welcome Colin, Natasha, and John as independent directors to the HanesBrands Board. They bring important relevant experience in retail, consumer brands, and operations, and we look forward to gaining their insights as the company continues to focus on driving improved performance and pursues key ongoing initiatives including the evaluation of alternatives for the global Champion business. The Board is fully supportive of the company’s CEO Steve Bratspies, as he and the broader team continue to execute on all of the company’s strategic plans, and we are steadfast in our commitment to delivering sustainable value creation for shareholders. We are confident the addition of these directors in combination with our current directors brings together diverse perspectives that will be beneficial as the Company continues to take actions to drive accelerated growth and profitability.”

In connection with these appointments, the company entered into a cooperation agreement with shareholder Barington Capital Group L.P. (Barington). Pursuant to the agreement, Barington has agreed to customary standstill, voting, and other provisions. In addition, also pursuant to the agreement, Barington will provide advisory services to the company from time to time with respect to the company’s business, operations, strategic and financial matters, corporate governance, and the composition of the Board. The full agreement will be filed by the company with the U.S. Securities and Exchange Commission as an exhibit to a Current Report on Form 8-K.

James A. Mitarotonda, chief executive officer of Barington, commented, “We believe this newly constituted Board is positioned to guide the company forward in pursuing our mutual goal to create value for HanesBrands’ shareholders. We appreciate the efforts and recent actions taken by Steve Bratspies and the management team. We look forward to working with him and the Board.”

With these appointments, the company’s Board will temporarily expand to 13 directors before returning to 10 directors effective at the 2024 annual meeting of stockholders.

Advisors

Goldman Sachs & Co. LLC and Evercore are serving as financial advisors to HanesBrands and Jones Day and Kirkland & Ellis LLP are serving as its legal advisors.

About Colin Browne

Colin Browne is an international brand executive with over 40 years of industry experience across footwear, apparel, and accessories. Most recently, Browne served as chief operating officer of Under Armour from January 2020 to November 2023. During his tenure at Under Armour, which he joined in 2016, Browne also served as interim chief executive officer and president from June 2022 to February 2023 and chief supply chain officer from 2017 to 2020. He was an integral part of the company’s successful transformation and is credited with modernizing Under Armour’s digital go-to-market strategy and implementing supply chain capabilities that enabled the company to amplify profit margins and operating efficiency despite recent global supply challenges.

Prior to his time at Under Armour, Browne was the managing director of Asia sourcing for V.F. Corporation, which owns iconic labels including The North Face, Timberland, and Vans. Throughout his career, Browne has held roles of increasing responsibilities at several leading organizations, including Li & Fung USA, Pentland Brands, Wongpaitoon Group, Reebok, and Bally Shoes. Browne currently serves as a board member of Worldly (Higg), a group that provides businesses with the insights needed for impact improvement, compliance, and disclosure. He is also co-chairman of the Digital Supply Chain Institute.

About Natasha Chand

Natasha Chand is a consumer business and technology executive with over 25 years of experience building and leading consumer brands globally. Chand is the principal at NoBo LLC, an advisory services firm that focuses on digitally and operationally transforming early-stage and Fortune 500 companies.

From 2016 to 2021, Chand served as a co-founder and the global CEO of Amazon’s Softlines Private Brands, where she both conceptualized and scaled several brands, including Amazon Essentials, into top 10 fashion brands in Amazon’s stores. Prior to joining Amazon in 2014, Chand was the executive vice president of menswear at Target Australia. From 2005-2012, she held multiple senior leadership roles at Levi Strauss & Co., including vice president of corporate development. Chand began her career with McKinsey & Company.

She currently serves as an independent board director of Fair Trade USA, a certifier of fair trade products in North America. Chand holds an MBA from Stanford University and an HBA in Business Administration from the Ivey Business School at the University of Western Ontario.

About John Mehas

John Mehas is an experienced retail leader with over 30 years of building global brands and a track record of driving shareholder value through creative leadership. Mehas currently serves as chief executive officer of Vineyard Vines. Prior to joining Vineyard Vines, he served as the chief executive officer of Victoria’s Secret Lingerie, having led the turnaround of one of the world’s most iconic brands from 2019 to 2021. He served as president of Tory Burch from 2017 to 2019, CEO and president of Club Monaco from 2001 to 2017, and group president of Ralph Lauren Kids from 2015 to 2017 within the Polo Ralph Lauren Corporation, where he led the multi-tiered, bespoke global lifestyle brand. He held a variety of key senior merchandising roles at GAP Inc. where he was instrumental in driving one of its highest growth periods.

Mehas began his career at Bloomingdales, rising to senior vice president of merchandising and DMM positions. Mehas is a board member of Prior, a travel experience company. He is an active supporter of the Hudson Guild, serving Manhattan’s West Side and Chelsea community. Mehas holds a Bachelor of Arts in Economics from The University of Toledo.