Hanesbrands Inc. chief executive officer Richard Noll is stepping down to focus on his role as chairman. Chief operating officer Gerald Evans will assume the ceo role and the transition will take place on Oct. 1.
As a result, Evans will also be made a member of the board of directors, expanding the board to 11 members. Evans joined the company in 1983, in L’eggs marketing. In the early Aughts, his assignments included running the company’s U.S. activewear, knit underwear and sock businesses. Evans led the reconfiguration of the company’s global supply chain into a low-cost operation balanced across the Western Hemisphere and Asia before taking on the chief operating officer position in 2013.
“I am honored to become ceo and look forward to driving the organization to the next level of success,” Evans said. “Our brands are primed for growth, our acquisitions are adding significant value and scale, and our product development and innovation pipeline are stronger than ever. Along with our worldwide employees, I am committed to maximizing the value we can create as the very best basics apparel company in the world.”
Noll joined Sara Lee in 1992, which spun off Hanesbrands in 2006. He became chairman and ceo of Hanesbrands in 2006. Under his leadership, sales increased from $4 billion to $6 billion and the company was admitted into the S&P 500 index and the Fortune 500. He completed eight acquisitions to expand the company.
“The past decade has been a phenomenal journey, and I am very proud of the amazing accomplishments of our 65,000 employees,” Noll, 58, said. “This is the perfect time to transition our leadership. Our business is healthy, our acquisitions are performing well and we have a very bright future. I have full confidence in Gerald’s readiness, ability and vision to drive the business to even greater heights as ceo.”
Hanesbrands stock fell over 2 percent to $26.15 and is down by 17 percent for the past year. Over the past 10 years during Noll’s tenure, the stock has risen 355 percent.