Designees for Hanesbrands Board of Directors announced, sees Sept. spin-off
25 Jul '06
2 min read
Apparel company Hanesbrands Inc has chosen seven designees to join Lee Chaden, Executive Chairman, and Richard Noll, Chief Executive Officer, as members of the board of directors of Hanesbrands Inc.
Sara Lee Corporation has announced plans to spin off its branded apparel business in the Americas and Asia as Hanesbrands Inc, which will be an independent, publicly traded consumer goods company with a portfolio of leading apparel brands, including Hanes, Champion, Playtex, Bali, Just My Size, barely there and Wonderbra.
The spin-off of Hanesbrands from Sara Lee Corporation is expected to be completed by early September, 2006, subject to market conditions and regulatory approvals.
In addition to Chaden and Noll, the director designees include two former Chief Executive Officers who led public company spin-offs, as well as executives with in-depth operational experience in Southeast Asia, worldwide logistics, global trade, brand building, corporate governance, mergers and acquisitions.
"Each designee for the board of directors has been selected for his or her relevant business experience and working knowledge of corporate governance," said Chaden. "Their talents will help guide the evolution of Hanesbrands as it builds upon its leading position in the US apparel essentials industry and expands through global growth."
Hanesbrands Inc, which is anticipated to become a public company in early September, 2006, following its spin-off from Sara Lee Corporation, is a consumer goods company with a portfolio of leading apparel brands, including Hanes, Champion, Playtex, Bali, Just My Size, barely there and Wonderbra. It designs, manufactures, sources, and markets apparel essentials, including T-shirts, bras, panties, men's and children's underwear, socks, hosiery, casualwear and activewear.