- Signs for push-out forces
- After almost six years on the job
- Laud, praise and thanks for Moss
- Search for a successor
- Moss said 59 words
(exechange) — Winston-Salem, North Carolina, April 12, 2017 — Rick Moss, finance chief of HanesBrands, leaves. As announced by Hanesbrands Inc. in a news release and in a regulatory filing published on Wednesday, April 12, 2017, Richard D. (Rick) Moss leaves the post as Chief Financial Officer at the clothing company after almost six years on the job.
Moss’ move comes six months after Gerald W. Evans Jr. took over as CEO of HanesBrands.
Moss will continue to serve as Chief Financial Officer until the earlier of December 31, 2017 or such time as a successor has been named and a successful transition has occurred.
HanesBrands will undertake a search for a successor.
No reason given
In the announcement, HanesBrands did not explicitly explain the reason for Moss’ move, leaving room for speculation.
Precise information about the future plans of Moss was not immediately available.
HanesBrands said: “On April 10, 2017, Richard D. Moss, the Company’s Chief Financial Officer, notified the Company of his intention to retire.”
Share price decline
The change follows a decline in the share price of Hanesbrands Inc. since July 2015.
Chieftain holds 5.09 percent stake
Chieftain Capital Management, Inc. reported a 5.09 percent stake in Hanesbrands Inc. as of December 31, 2016.
Chaired by Richard A. Noll
Hanesbrands Inc. is chaired by Richard A. Noll.
Noll has served as HanesBrands chairman of the board since 2006, executive chairman since 2016 and as chief executive officer from 2006 to 2016.
CEO: Gerald W. Evans Jr.
Gerald W. Evans Jr. serves as CEO of Hanesbrands Inc. Gerald Evans was elected chief executive officer and appointed to the Board of Directors in 2016 after successfully guiding operations in executive positions since the company’s spin off in 2006. He served as HanesBrands chief operating officer from 2013 until his election as CEO, effective Oct. 1, 2016.
On the job as CFO since 2011
Richard D. Moss has served as the Company’s Chief Financial Officer since October 2011.
Prior to his appointment as Chief Financial Officer, Moss served as the Company’s Chief Treasury and Tax Officer since December 2010, as a Senior Vice President since September 2006 and as Treasurer since June 2006.
From January 2006 until the completion of the Company’s spin off from Sara Lee, Moss served as Treasurer of Sara Lee Branded Apparel.
From August 2002 to December 2005, Moss served as Vice President and Chief Financial Officer of Chattem, Inc., a leading marketer and manufacturer of branded over-the-counter health-care products, toiletries and dietary supplements.
Moss will continue to serve as CFO while the company conducts an internal and external search for his successor.
As a general rule, when a top manager announces to step down with no successor available, it is a sign that the move was unexpected and too early.
Signs for push-out forces
It is not completely certain what forces eventually triggered Rick Moss’ move.
The Push-out Score™ determined by exechange suggests that push-out forces may have contributed to the management change.
Read the full story in the exechange report 16.2017 ($).