12:48 PM EST, 02/13/2025 (MT Newswires) -- Hanesbrands ( HBI ) shares fell by more than 18% in midday trading on Thursday after the company announced a leadership change and reported fiscal Q4 net sales that missed analyst estimates.

Chief Executive Steve Bratspies will depart at the end of 2025, or after the appointment of a successor, according to the company.

Hanesbrands ( HBI ) said it has retained executive search firm Spencer Stuart to find Bratspies' successor.

The company reported net sales of $888.5 million for the quarter ended Dec. 28. Four analysts surveyed by FactSet expected $899.2 million.

Price: 6.31, Change: -1.37, Percent Change: -17.80