HanesBrands adds Cheryl K. Beebe to board

By

Gabriella Lacombe

Published
Dec 10, 2020

HanesBrands, the Winston-Salem, North Carolina-based company that owns brands like Champion and Playtex, has announced financial executive Cheryl K. Beebe as the newest member of the company’s board of directors.

The appointment of Beebe, whose term runs until the 2021 annual meeting of stockholders, brings the HanesBrands board up to nine members. She will serve on the board’s audit committee.

Beebe previously served for a decade as executive vice president and chief financial officer of Ingredion, a global ingredients solutions provider. In the role, she oversaw all aspects of the company’s financial operations, in addition to being responsible for the global IT and procurement functions and playing a hand in setting the strategic direction of the company.

In total, Beebe spent over 30 years with Ingredion, holding a number of leadership roles. In addition to her time as the company's VP and CFO, she also served as senior advisor to the CEO, vice president finance and corporate treasurer. 

She is a current member of the board of directors of manufacturing company Packaging Corporation of America and The Mosaic Company, a Fortune 500 company, which mines phosphate and potash. She also serves as a member and chair of the Board of Trustees for Goldman Sachs Asset Management GSTII funds and as a member of the Board of Trustees of Fairleigh Dickinson University, New Jersey’s largest private university.

“We’re pleased to have a leader with Cheryl’s record of financial leadership and strategic insight join the team,” said chairman of the board, Ronald L. Nelson.

“We welcome Cheryl and look forward to her contributions and leadership as we transform HanesBrands.”

In early November, HanesBrands announced better-than-expected third-quarter financial results. However, the company also saw a dip in its sales due to the impact of the Covid-19 pandemic, as well as Hanes’ exit from the C9 Champion mass program and its DKNY intimate apparel license, which together accounted for $119 million in sales in the prior-year period.

In the third quarter ended September 26, 2020, net sales at the company totaled $1.81 billion, decreasing 3.1% from $1.87 billion the year before. Quarterly net income came to $103.3 million, down 44.2% from $185.1 million, while diluted earnings per share decreased 43%, from $0.51 to $0.29. Adjusted earnings per share were $0.42.