Hanesbrand compensation for executives declines No incentive pay lowers fiscal 2022 compensation for HanesBrands executives

HanesBrands Inc.'s decision to not provide incentive pay to its top-five executives reduced the fiscal 2022 total compensation of chief executive Stephen Bratspies by 16.4% to $9.22 million, the manufacturer reported in a regulatory filing Wednesday.

It was Bratspies' second full fiscal year at Hanesbrands' helm. He joined the company in August 2020.

The lack of incentive pay in fiscal 2022 comes after he received $2.69 million in incentive pay in 2021.

The main piece of Bratspies' 2021 and 2022 compensation was heavily tilted - as expected - toward stock and stock-options awards.

The filing had Bratspies receiving $7.75 million in stock awards valued on the date they were awarded. For fiscal 2020, he received $7.05 million in stock awards.

Bratspies was paid a base salary of $1.22 million, up 11.3%,

He also received $244,614 in all other compensation, which consisted of: $208,971 for supplemental executive retirement plan benefits; $24,825 for life insurance policy premiums; $23,800 in company-match 401(k) match; $11,699 for long-term disability insurance policy premiums; and $144 for accidental death and dismemberment insurance policy premiums.

For the full year, Hanesbrands reported a loss of $127.2 million, compared with $77.2 million in net income a year ago. Sales were down 8.3% to $6.23 million.

Hanesbrands disclosed the CEO pay ratio for Bratspies is $1,203-to-$1 compared with its global median employee's compensation of $7,659.

As has been the case for several years, the total compensation paid to Hanesbrands' top executive remains dramatically higher than its global median employee from its workforce of more than 51,000, of which 6,000 are in the U.S. Median is defined as the middle value in a list of numbers.

Hanesbrands reported that about 88% of its workforce is in Central America, the Caribbean Basin and Asia. The median employee was determined to be a machine operator in Dominican Republic.

Hanesbrands is the lone publicly traded corporation with headquarters in Winston-Salem, as well as the city's only Fortune 500 company.

At last count, HanesBrands had about 2,300 employees in Forsyth County and about 2,800 in North Carolina counting a distribution center in High Point. The manufacturer has not provided how many local jobs have been affected in a workforce reduction it confirmed on Jan. 23.

Michael Dastugue, chief financial officer, was paid $750,000 in salary, up 50%, and total compensation of $2.84 million, up 18.6%.

Joseph Cavaliere, group president for global innerwear, was paid $741,667 in base salary, up 18.9%, and $2.71 million in total compensation, down 21.2%.

Michael Faircloth, president for global operations, received a 0.5% increase in base salary to $630,000. Total compensation was $2.63 million, down 4.2%.

Kristin Oliver, chief human resources officer, was listed for the first time. She was paid $595,000 in base salary and total compensation of $1.74 million.

The company has set a virtual shareholder meeting for 9 a.m. April 24. There are no shareholder proposals.

rcraver@wsjournal.com336-727-7376@rcraverWSJ