Apparel retail company HanesBrands has announced that Steve Bratspies will step down from his role as CEO by the end of 2025, or upon the selection of a successor.
Additionally, he will resign from the Board of Directors as he exits his position.
Bratspies served as CEO for five years and will now transition to an advisory role to support the newly appointed leader.
Bratspies said: “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 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.”
The company is actively seeking a new CEO with the help of consultancy firm Spencer Stuart.
Bill Simon, chairman of the board at HanesBrands added: “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.”
In addition to Bratspies’ departure, the company recently reported better-than-expected Q4 and full-year 2024 results.
In Q4, the retailer saw its net sales rise by 4.5% to $888 million compared to the prior year. The company reported net sales of $3.5 billion, which was 3.6% decrease year over year.
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