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HanesBrands Snags New Legal Chief from Neiman Marcus (1)

March 5, 2021, 4:30 PMUpdated: March 5, 2021, 8:31 PM

HanesBrands Inc. has named The Neiman Marcus Group’s top lawyer, Tracy Preston, as the successor to retiring general counsel and chief administrative officer Joia Johnson.

Johnson will retire in May after nearly 15 years with the Winston-Salem, N.C.-based clothing company, HanesBrands revealed in November.

Preston will officially join HanesBrands on March 29 as general counsel, corporate secretary, and chief compliance officer, according to a Friday statement.

She comes to HanesBrands from Dallas-based Neiman Marcus, where she has worked since 2013 and most recently held the titles of chief legal officer and chief compliance officer. During her tenure, the retailer completed its Chapter 11 bankruptcy proceedings and eliminated over $4 billion of debt, Preston told Bloomberg Law last year.

Neiman Marcus director of corproate communications John Walls told Bloomberg Law that assistant general counsel Tasha Grinnell will be the retailer’s interim legal lead.

HanesBrands owns brands like Champion and Wonderbra. Last May the company secured a $322 million contract with the Department of Health and Human Services to produce face masks amid the surging coronavirus pandemic.

Both HanesBrands and Preston declined comment on her move, but Preston in the announcement of her hire praised the company’s “iconic brands” and “a strong commitment to sustainability.”

HanesBrands revealed a new growth plan Feb. 9 as part of the company’s earnings report for the fourth quarter ending Jan. 2. Its four main goals are growing its Champion brand globally, increasing appeal to younger customers, improving e-commerce functions, and streamlining its global portfolio.

“I’m encouraged by our rapid progress as we work to simplify our business and transform our organization to move faster, lower costs and focus on our highest-return growth opportunities,” said Hanesbrands CEO Steve Bratspies in the Feb. 9 report.

The company reported fourth quarter net losses of $332 million. HanesBrands also said that it reduced production of personal protective equipment, including face masks, by 20% in Q4 because “the company determined that it no longer views PPE as a long-term growth opportunity.”

Before moving to Neiman Marcus, Preston has also worked for Levi Strauss & Co., and she began her career in private practice with Baker & McKenzie and later Sedgwick Detert Moran & Arnold, Latham & Watkins, and Orrick Herrington & Sutcliffe, according to her LinkedIn profile.

(Updates with comment from Neiman Marcus about interim legal chief in paragraph five, updates reporting in paragraph seven. )

To contact the reporter on this story: Ruiqi Chen in Washington, D.C. at rchen@bloombergindustry.com

To contact the editors responsible for this story: Rebekah Mintzer at rmintzer@bloomberglaw.com; Chris Opfer at copfer@bloomberglaw.com

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