Hanesbrands Inc. will be conducting its second search in two years for a chief financial officer after Barry Hytinen abruptly announced his resignation to take the same job with Iron Mountain Inc.
Iron Mountain is a storage and information-management services company based in Boston.
Hytinen, 44, took over as Hanesbrands' chief financial officer in October 2017, succeeding the company's founding CFO Richard Moss.
Hytinen will remain as CFO until the end of Hanesbrands' fiscal year on Dec. 28. He will assume his duties with Iron Mountain on Jan. 1.
Hanesbrands said it will hire an outside search firm to fill the vacancy, but will consider internal candidates.
“Barry is a talented finance professional, and we appreciate his contributions over the past two years to strategy development and to strengthening our finance organization,” Gerald Evans Jr., Hanesbrands' chief executive, said in a statement.
“Barry is leaving us with an excellent global finance organization."
Hytinen will receive a considerable boost in compensation with Iron Mountain compared with Hanesbrands.
For fiscal 2018, he was paid $600,000 in salary, $402,798 in incentive pay and total compensation of $2.68 million. He was scheduled to be paid $675,000 in salary for fiscal 2019, according to a company regulatory filing.
Hytinen's resignation comes about a month after his second anniversary with the company. If he had resigned before the second anniversary, he would have been required to pay back a $250,000 bonus.
By comparison, according to an Iron Mountain regulatory filing Monday, Hytinen's starting salary is $725,000, along with a signing bonus of $1 million, which is repayable if he leaves the company under certain circumstances within 18 months. His target annual performance-based cash bonus will be 110% of his base salary. He also qualified for up to $400,000 in senior executive relocation funds.
Hytinen also will receive two sign-on restricted stock unit awards with initial target values of $1.5 million and $1 million, respectively, vesting ratably over three and two years, respectively.
Hytinen succeeds Stuart Brown, who had served as Iron Mountain CEO since August 2016.
Iron Mountain and Brown agreed Friday on the terms of his departure.
"Mr. Brown’s departure is not a result of any disagreement with the company," Iron Mountain said. He will serve a transition period through Feb. 20 as part of his severance package requirements.
"Barry has a proven track record of strong financial leadership and I am confident that his insights will be very valuable as we execute our transformation program to simplify our structure and create a more dynamic, agile organization," said William Meaney, Iron Mountain's president and chief executive.