SECURITIES AND EXCHANGE COMMISSION
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|Item 5.02.|| |
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
On April 29, 2021, Hanesbrands Inc. (“Hanesbrands” or the “Company”) announced the appointment of Michael P. Dastugue as Chief Financial Officer, effective May 1, 2021.
Mr. Dastugue, 56, served as Executive Vice President and Chief Financial Officer of the Walmart U.S. segment of Walmart Inc. (“Walmart”), a publicly traded multinational retail company, from 2015 to 2021. Prior to that role and since 2013, he served as Executive Vice President and Chief Financial Officer of Walmart’s Sam’s Club segment. Mr. Dastugue also served as Executive Vice President and Chief Financial Officer of U.S. department store chain J.C. Penney Company, Inc. from 2011 to 2012. Mr. Dastugue earned an M.B.A. from the University of Texas at Austin and holds a B.A. in Business Administration from Texas A&M University.
Mr. Dastugue will receive an annual base salary of $750,000, a target Annual Incentive Plan (“AIP”) opportunity of $750,000, and a target Long-Term Incentive Program (“LTIP”) opportunity of $1,520,000. He will also be eligible to participate in Hanesbrands’ other employee benefits plans and arrangements on the same terms as the Company’s other executive officers. Hanesbrands will enter into a Severance/Change in Control Agreement with Mr. Dastugue on substantially the same terms and conditions as those set forth in the Form of Severance/Change in Control Agreement filed as Exhibit 10.36 to Hanesbrands’ Annual Report on Form 10-K filed with the Securities and Exchange Commission February 12, 2021.
Mr. Dastugue succeeds M. Scott Lewis, who has served as the Company’s Interim Chief Financial Officer since January 2020. Mr. Lewis will continue to serve as the Company’s principal financial officer for Securities and Exchange Commission reporting purposes until the day after the Company files its next quarterly report on Form 10-Q, and thereafter will continue to serve as the Company’s Chief Accounting Officer and Controller.
|Item 9.01.|| |
Financial Statements and Exhibits
|Exhibit 99.1||Press release dated April 29, 2021|
|Exhibit 104||Cover Page Interactive Data File (embedded within the Inline XBRL document)|
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|Date: April 29, 2021||By:|
|Name:||Tracy M. Preston|
|Title:||General Counsel, Corporate Secretary and Chief Compliance Officer|