VF Adds Two New Directors, Reshapes Board Amid Activist Pressure
In a strategic move to bolster its leadership and accelerate growth, VF Corporation, the global leader in branded lifestyle apparel, footwear and accessories, has announced a series of significant changes.
The company, known for iconic brands like Vans and The North Face, has appointed two new independent directors to its board and named a new global brand president for The North Face.
The appointments reflect VF's ongoing efforts to refresh its board and strengthen its executive team. The company has collaborated closely with Engaged Capital, an activist investor that holds a 1.3% stake in VF, to drive these changes.
Mindy Grossman, the former CEO of WW International (formerly Weight Watchers), and Kirk Tanner, the former CEO of PepsiCo North America Beverages, have been named as the new independent directors on the VF Board. They will stand for re-election at the company's 2024 annual shareholders meeting.
Additionally, VF has named Caroline Brown as the new Global Brand President of The North Face, succeeding Nicole Otto. Brown brings a wealth of experience in the fashion and apparel industry, having previously held leadership roles at Donna Karan, DKNY, and Calvin Klein. Her appointment signals VF's commitment to strengthening its iconic brand and driving its growth strategy.
These changes come at a crucial time for VF, as the company navigates a challenging retail landscape and works to reinvent itself. The company has reported a fourth-quarter loss and revenue that fell short of analysts' estimates, highlighting the need for a strategic refresh.
The board refreshment and brand leadership transition are part of VF's broader Reinvent strategy, which aims to drive growth, improve operational efficiency, and enhance the company's positioning in the market. By bringing in new perspectives and experienced executives, VF is positioning itself to better capitalize on emerging trends and meet the evolving needs of its customers.
As VF continues to navigate the changing retail landscape, the company's collaboration with Engaged Capital and its focus on strengthening its leadership and brand strategy are crucial steps in driving long-term growth and success.
VF Corporation's recent moves to bolster its leadership and drive growth through board appointments and brand transitions signal the company's commitment to reinventing itself and positioning for long-term success in the evolving retail environment.