Hanesbrands Inc Enters into a Cooperation Agreement with Barington Capital Group LP
November 16, 2023 at 04:44 pm EST
Share
On November 16, 2023, Hanesbrands Inc announced that it has entered into a cooperation agreement with Barington Capital Group LP, pursuant to the Cooperation Agreement, the Company agreed to appoint John Mehas as a new independent director on the Board, to serve for an initial term expiring at the Company?s 2024 annual meeting of stockholders, and agreed to include Mehas among the Company?s slate of director nominees for election at the 2024 Annual Meeting and to support Mehas for election in a manner consistent with its support for the other nominees of the Company. In addition, the Company stated that pursuant to the Cooperation Agreement, Barington Companies Management, LLC will serve as an advisor to the Company during the Cooperation Period. Further, the Company stated that under the terms of the Cooperation Agreement and during the Cooperation Period, Barington agreed to vote all of its shares of the Company?s common stock (i) in favor of the election of directors nominated by the Board at the 2024 Annual Meeting, (ii) against any stockholder nominations for directors that are not approved and recommended by the Board for election, (iii) against any proposals to remove any member of the Board and (iv) otherwise in accordance with the Board?s recommendation on all other proposals or business subject to stockholder action, subject to certain exceptions set forth in the Cooperation Agreement.
Hanesbrands Inc. designs, manufactures, sources, and sells a range of innerwear apparel, such as t-shirts, bras, panties, shapewear, underwear, and socks, as well as activewear products. It offers everyday apparel in the Americas, Australia, Europe, and Asia under apparel brands, including Hanes, Champion, Bonds, Bali, Maidenform, Bras N Things, Playtex, Wonderbra, Gear for Sports, Berlei, Comfortwash, Alternative and JMS/Just My Size. Its segments include Innerwear, Activewear, and International. Its Innerwear segment includes core apparel products, such as menâs underwear, womenâs panties, childrenâs underwear, socks, and intimate apparel which includes bras and shapewear. Its Activewear segment includes activewear products, such as T-shirts, fleece, performance apparel, sport shirts and thermals. It also sells licensed logo apparel primarily in the mass retail channel and in collegiate bookstores. Its International segment includes innerwear, activewear and home goods products.