Will CFO Appointment Help HanesBrands (HBI) Drive Growth?
Zacks Investment Research | Sep 25, 2017 09:20PM ET
HanesBrands (NYSE:HBI) has recently appointed a new chief financial officer, Barry A. Hytinen, who will succeed Richard D. Moss, effective Oct 16, 2017. Notably, the existing chief financial officer, Richard D. Moss, who has served HanesBrands for 12 years, will cater to the company as an advisory officer until he retires at the end of 2017.
Before joining HanesBrands, Hytinen was working in Tempur Sealy International, Inc. (NYSE:TPX) — a publicly traded bedding manufacturer — as a chief financial officer. Prior to this, Hytinen has also served Fogbreak Software, which is a venture-backed software company.
With around 20 years of experience in financial matters, we believe his significant skills will aid HanesBrands to gain competitive advantage in various areas along with capitalizing on growth opportunities.
HanesBrands’ Performance
Armed with a well-managed brands’ portfolio, HanesBrands has been gaining from its Champion Europe and Hanes Australasia buyouts. Additionally, the company’s e-commerce platform has been reaping benefits from growing popularity of online shopping. Furthermore, management has been focusing on supply chain optimization and investing in domestic distribution center network.
Meanwhile, the company has also been benefiting from sequential rise in organic sales. Also, the Project Booster cost savings along with working capital initiatives are estimated to produce an additional annual run rate of $300 million of cash from operations by the end of 2019.
Consequently, this Zacks Rank #3 (Hold) company’s shares have rallied 18.3% in the last six months, faring better than the Original post
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