- Push-out Score determined
- After about four years in the position
- Accolades, praise and thanks for Evans
- Search for a successor
- Evans said 100 words
(exechange) — Winston-Salem, North Carolina, March 11, 2020 — Gerald Evans, chief executive of HanesBrands, leaves. As announced by HanesBrands Inc. in a news release and in a regulatory filing published on Wednesday, March 11, 2020, Gerald W. Evans leaves his post as chief executive officer at the marketer of everyday basic apparel after about four years in the role, effective January 2, 2021.
The announcement of Gerald Evans’s move comes 11 months after Ronald L. Nelson took over as Chairman of HanesBrands Inc.
HanesBrands will undertake a search for a successor.
It is a long goodbye. The announcement of Gerald Evans’s move comes up to 10 months prior to his planned departure from the post of CEO.
In general, a top executive who announces the departure very early may be considered a lame duck.
Lengthy lead times give boards extra time to find replacements, and they also create uncertainty. Would-be successors may jockey for attention and workers may wonder who is actually in charge.
Generally speaking, lame-duck leaders can take a forceful role in selecting a successor and are not expected to launch major shifts.
“Now is the right time”
Gerald Evans’s departure from the CEO post is explained as follows. Evans said: “After more than three and a half decades at Hanes, I am confident that now is the right time for the company to transition to its next generation of leadership.”
Precise information regarding Gerald Evans’s future plans was not immediately available.
HanesBrands said: “Gerald W. Evans Jr. has notified the company’s Board of Directors of his decision to retire at the end of the current fiscal year, which ends Jan. 2, 2021.”
HanesBrands further said: “On March 5, 2020, Gerald W. Evans, Jr., the Chief Executive Officer of Hanesbrands Inc. (“Hanesbrands”) notified Hanesbrands of his decision to retire effective January 2, 2021.”
Share price decline
The announcement follows a decline in HanesBrands Inc.’s share price of 56% since October 2016.
Chaired by Ronald L. Nelson
HanesBrands Inc. is chaired by Ronald L. Nelson.
Nelson serves as Chairman of the Board since April 23, 2019.
In the position of CEO since 2016
Gerald Evans became CEO of the Company in 2016.
From 2013 to 2016, he served as Chief Operating Officer of the Company, and from 2011 until 2013, he served as Co-Chief Operating Officer of the Company.
Prior to his appointment as Co-Chief Operating Officer, Evans served as the Company’s Co-Operating Officer, President International, from 2010 until 2011.
From 2009 until 2010, he was President of the Company’s International Business and Global Supply Chain.
From 2008 until 2009, he served as President of the Company’s Global Supply Chain and Asia Business Development.
From 2006 until 2008, he served as Executive Vice President, Chief Supply Chain Officer.
From 2005 until 2006, Evans served as a Vice President of Sara Lee Corporation (“Sara Lee”), the Company’s former parent company, and as Chief Supply Chain Officer of Sara Lee Branded Apparel.
Evans served as President and Chief Executive Officer of Sara Lee Sportswear and Underwear from 2003 until 2005 and as President and Chief Executive Officer of Sara Lee Sportswear from 1999 to 2003.
Evans is also a member of the Business Roundtable.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding the management change on a scale of 0 to 10.
exechange reached out to HanesBrands and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 11.2020 ($).