HanesBrands has released its preliminary first-quarter 2017 results, expecting net sales of approximately $1.38 billion. The Winston-Salem, North Carolina, company, which participates in the promotional products industry as supplier Hanes/Champion (PPAI 191138), also announced that Chief Financial Officer Richard D. Moss will retire at the end of the year, and the company has initiated an internal and external search for his successor.

“We’re off to a strong start in 2017, and we are diligently focused on daily execution and performance,” says Hanes Chief Executive Officer Gerald W. Evans Jr. “This year is an important transition as we set the foundation of another decade of success.”

Moss, 59, who has held executive positions with Hanes for 11 years, will continue to serve as CFO while the company conducts the search for his successor. Moss’s finance responsibilities include overseeing the finance-related execution of the company’s long-term strategies and improvement initiatives.

“Rick has been an invaluable leader in our organization,” says Evans, who was promoted to CEO in October 2016. “I know Rick has been looking forward to retirement, and I am grateful that he committed to staying on through my transition as CEO. We expect a very smooth succession process for the CFO role.”

Moss adds, “This is an opportune time for me and the company to plan my retirement. As we proceed with the succession process, I will remain focused on supporting our Sell More, Spend Less and Generate Cash strategies and goals for the year. Hanes is a very successful company that is well-positioned to continue creating strong shareholder value for many years.”

Moss joined the company in January 2006 as treasurer. He was promoted to CFO in October 2011, overseeing the company’s global finance, investor relations and corporate development functions.