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Hanesbrands (HBI) CEO Steps Down, Will Act as Chairman

Zacks Equity Research
Updated

Hanesbrands Inc.’s HBI shares tumbled almost 3% as its Chief Executive Officer (CEO) Richard A. Noll has decided to step down from his current role to focus on his role as the executive Chairman of the company.

Noll has been replaced by Gerald W. Evans Jr. who has also been appointed to the company’s board of directors. Evans will function as a member of Board of Directors effective immediately.

Evans has served the company since 1983 and has successfully led Hanesbrands in fields of marketing, sales and supply chain. He assumed his current role of chief operating officer in 2013.

Notably, both Noll and Evans have spent 30 long years in Hanesbrands and have steered the company to become a leading apparel retailer with its flagship Innovate to Elevate strategy. In fact, under Noll’s leadership, Hanesbrands increased its annual sales from $4 billion to $6 billion and shareholder value from $2 billion to $10 billion.

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HANESBRANDS INC Price | HANESBRANDS INC Quote

The company’s Innovate-to-Elevate strategy (which focuses on value-added, higher-priced and high-margin items that can be supplied at lower costs) continues to help the company to increase its adjusted operating profit margin and generate significant cumulative cash from operations. Hanesbrands plans to apply this strategy to its core products to boost volume.

Further, the company plans to extend its innovation to the new line of apparels – X-temp – launched during late 2016. These initiatives are expected to drive sales and volume, going ahead.

Zacks Rank & Other Stocks to Consider

Hanesbrands has a Zacks Rank #3 (Hold). Better-ranked stocks in the broader consumer discretionary sector include Capella Education Co. CPLA, Delta Apparel Inc. DLA and Perry Ellis International Inc. PERY. While Delta Apparel and Capella education sport a Zacks Rank #1 (Strong Buy), Perry Ellis carries a Zacks Rank #2 (Buy).

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CAPELLA EDUCATN (CPLA): Free Stock Analysis Report
 
HANESBRANDS INC (HBI): Free Stock Analysis Report
 
PERRY ELLIS INT (PERY): Free Stock Analysis Report
 
DELTA APPAREL (DLA): Free Stock Analysis Report
 
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Zacks Investment Research