Spencer Stuart Retained by Hanesbrands for CEO Search
February 21, 2025 – Spencer Stuart has been tapped by Hanesbrands to lead in its search for a new CEO. Steve Bratspies announced that he will depart as CEO of the company at the end of 2025, or upon the appointment of his successor. As part of the company’s leadership succession planning process, the board has begun a comprehensive search to identify the company’s next CEO and has retained Spencer Stuart to support its work.
“Having reached a positive and important inflection point in executing our strategy and looking ahead to the next leg of the company’s journey, the board, in concurrence with Steve, has decided that now is the right time to initiate a search for our next CEO,” said Bill Simon, chairman of the board. “We are actively searching for the next leader who will continue building on our momentum for the next chapter of the company’s growth. We will provide updates as appropriate. On behalf of the entire board, we deeply appreciate the transformative leadership Steve has demonstrated throughout his tenure as CEO to make Hanesbrands a new and better company.”
“I look forward to working closely with the board as it conducts a search to identify my successor,” Mr. Bratspies said. “I am committed to continuing to lead our global team in delivering for our consumers and retail partners and advancing our growth initiatives.”
Hanesbrands, based in Winston-Salem, NC, is a marketer of everyday basic innerwear and activewear apparel in the Americas, Europe, Australia and Asia-Pacific. The company sells its products under some of the world’s strongest apparel brands, including Hanes, Champion, Bonds, DIM, Maidenform, Bali, Playtex, Lovable, Bras N Things, Nur Die/Nur Der, Alternative, L’eggs, JMS/Just My Size, Wonderbra, Berlei and Gear for Sports. A member of the S&P 500 stock index, Hanes has approximately 63,000 employees in more than 40 countries and is ranked No. 432 on the Fortune 500 list of America’s largest companies by sales.
Privately held since 1956, Spencer Stuart focuses on delivering knowledge, insight, and results through the collaborative efforts of a team of search professionals — now spanning 56 offices, 30 countries, and more than 50 practice specialties. The firm helps boards and leaders address their leadership needs in areas such as senior-level executive search, board recruitment, board effectiveness, succession planning, in-depth senior management assessment and many other facets of organizational effectiveness.
Insider or Outsider?
The 56-year old American chipmaker will be breaking from its traditional internal promotion strategy, with sources indicating that the organization is seriously considering outside talent to lead the struggling company. Historically, Intel has hired from within, however, many think the company is considering hiring an external candidate. Mr. Gelsinger’s predecessor Bob Swan was Intel’s first true outside hire. The shortlist of candidates could not be fully learned, but Bloomberg citing people familiar with the matter reported that Marvell CEO Matt Murphy was among those being considered.
Recruiters focused on finding talent for the C-suite say that at least half of all job openings are filled by internal candidates before the positions are introduced to the public job market. This may suggest that companies have relatively reliable bench strength even though leadership development is seen as stagnating at many companies. The main reason given: Companies prefer to promote from within.
Related: Spencer Stuart Recruits President for the National Outdoor Leadership School
For those searches that go to recruiters, with a clear mandate to look wide and deep both inside and outside a client organization, internal candidates still surface more often and get the job about 80 percent of the time.
The Philadelphia Fed Taps Spencer Stuart to Find New President and CEO
Federal Reserve Bank president searches are some of the most coveted assignments to take on among executive recruiters, and a number of leading search firms have gotten in on the action. The Philadelphia Fed recently retained Spencer Stuart to lead in its search for a new president and CEO to succeed Patrick T. Harker.
A committee composed of eligible members of the Philadelphia Fed’s board of directors has been formed to conduct the search, consistent with Federal Reserve policies and the Federal Reserve Act. By law, only directors not affiliated with regulated banks or financial institutions are eligible to help select a Federal Reserve Bank president. The choice must be approved by the Federal Reserve’s Board of Governors. The committee will be chaired by Anthony Ibargüen, CEO of Quench USA, Inc., and chair of the Philadelphia Fed board of directors.
Recruiters say clients generally like to be seen as making bold moves but in the end many remain risk averse when it comes to hiring elite executives, especially into their highly protected upper leadership ranks. They look at insiders as safer bets. Knowing this mindset going in, recruiters say they advise their clients that when they have an inside candidate who is 70 percent as strong as an outside choice to hire the insider. Fit and culture seem to be the deciding factor.
“There is a greater risk when you bring somebody in from the outside that it won’t work out,” said Kathleen Yazbak, founder of Boston-based Viewcrest Advisors, a boutique search firm focused on finding leadership talent for mission-driven and high-performing companies, social enterprises, and philanthropies.
Internal candidates know the business model, organization goals, and inside cultures, say recruiters, and oftentimes they have the requisite skills. They know the customers, clients, and co-workers. They have also established relationships with colleagues and their organization’s leaders. But, more importantly, they have already shown their potential. They can, therefore, assimilate faster and will likely be more satisfied in their new roles than outside hires.
Related: Spencer Stuart Assists St. Louis Fed with CEO Search
Contributed by Scott A. Scanlon, Editor-in-Chief and Dale M. Zupsansky, Executive Editor – Hunt Scanlon Media
