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Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On February 13, 2025, Hanesbrands Inc. (the “Company”) announced that Stephen B. Bratspies, its Chief Executive Officer, would be departing the Company at the end of 2025. Mr. Bratspies will also step down from the Company’s Board of Directors (the “Board”) concurrent with the end of his tenure as Chief Executive Officer. The Board has commenced a comprehensive search process to identify the Company’s next Chief Executive Officer.
In connection with the announcement of his departure, the Company expects that Mr. Bratspies will continue serving as Chief Executive Officer of the Company until a successor Chief Executive Officer is appointed and assumes the role (the “Transition Date”) and will thereafter serve as a non-executive employee advisor of the Company from the Transition Date through December 31, 2025, in order to facilitate a smooth and orderly transition of his responsibilities. During his service as an employee advisor, Mr. Bratspies’ base salary and target bonus opportunity would remain the same as those in effect immediately prior to the Transition Date. Mr. Bratspies’ termination of employment at the end of 2025 is expected to qualify as an involuntary termination without cause by the Company under his pre-existing Severance/Change in Control Agreement, the terms of which have been previously disclosed. Accordingly, subject to his execution of an effective release of claims against the Company, Mr. Bratspies would receive severance benefits that are materially consistent with the benefits payable upon a qualifying termination. Mr. Bratspies’ equity awards will be subject to the pre-existing terms of the applicable award agreements.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| HANESBRANDS INC. | ||||||
| Date: February 13, 2025 | By: | /s/ Kristin L. Oliver | ||||
| Name: | Kristin L. Oliver | |||||
| Title: | EVP, Chief Human Resources Officer & Interim Chief Legal Officer | |||||