DENVER - VF Corporation (NYSE:VFC), a prominent player in the lifestyle apparel, footwear, and accessories market, announced today the appointment of Caroline Brown as the Global Brand President of The North Face, effective the week of June 10, 2024. Brown, who previously served on VF's Board of Directors, steps into the role following Nicole Otto's departure.
Brown's extensive background in the fashion and apparel industry includes leadership positions at Closed Loop Partners, Donna Karan International, and Carolina Herrera. Her expertise is expected to bolster The North Face's global branding and innovation efforts. VF's President and CEO, Bracken Darrell, expressed confidence in Brown's ability to drive growth and value creation for the brand.
In addition to Brown's appointment, VF Corporation has welcomed Mindy Grossman and Kirk Tanner as independent directors to its Board, effective May 30, 2024. Both Grossman and Tanner bring a wealth of experience from their respective roles at Consello and Wendy's (NASDAQ:WEN) Co. They will be up for re-election at the 2024 Annual Meeting of VF Shareholders. Meanwhile, Benno Dorer has opted not to seek re-election at the upcoming meeting.
The new appointments are part of VF's ongoing board refreshment process and its collaboration with shareholder Engaged Capital. According to Richard Carucci, Chair of the VF Board, Grossman and Tanner's leadership acumen and consumer brand growth strategies will be invaluable to VF's 'Reinvent strategy.' Engaged Capital's Founder and CIO, Glenn W. Welling, also expressed support for the new appointments, highlighting their potential to accelerate VF's strategic and business transformation.
VF Corporation, founded in 1899, owns a portfolio of iconic brands such as Vans, Timberland, and Dickies, and is committed to fostering sustainable and active lifestyles. These leadership changes come at a time when the company is navigating the challenges of a dynamic global market and evolving consumer demands.
The information in this article is based on a press release statement from VF Corporation.
InvestingPro Insights
VF Corporation (NYSE:VFC) is at a pivotal moment, with leadership changes aimed at steering the company through a complex market environment. As Caroline Brown takes the helm at The North Face, investors are closely monitoring the company's financial health and future prospects. Here are some key insights based on the latest data and analysis from InvestingPro:
InvestingPro Data shows VF Corporation with a market capitalization of $5.37 billion. Despite recent challenges, the company has experienced a significant return over the last week, with a 1 Week Price Total Return of 7.62%. This uptick could indicate investor optimism following the leadership announcements. Additionally, the company's dividend yield stands at 2.71%, reflecting VF's long-standing commitment to maintaining dividend payments, now for 54 consecutive years.
On the horizon, analysts predict that VF Corporation will be profitable this year, aligning with an InvestingPro Tip that net income is expected to grow. This forecasted profitability is critical for investors considering the company's recent performance and the -9.97% revenue growth over the last twelve months as of Q4 2024.
Investors seeking further insights and analysis on VF Corporation can find a wealth of additional InvestingPro Tips at https://www.investing.com/pro/VFC. Currently, there are 13 analysts who have revised their earnings downwards for the upcoming period, which may warrant attention. However, with high shareholder yield and a track record of dividend reliability, VF Corporation remains a notable company for investors to watch.
For those interested in deepening their understanding of VF Corporation's financials and future outlook, InvestingPro offers an extensive array of tips and metrics. To explore these insights and benefit from the full range of features, use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription. With 8 additional InvestingPro Tips available, investors can gain a comprehensive view of the company's position and potential trajectory.
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