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VF Corp appoints independent directors as Engaged Capital pushes for board refresh
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VF Corp appoints independent directors as Engaged Capital pushes for board refresh
Jun 3, 2024 2:57 PM

June 3 (Reuters) - The North Face owner VF Corp ( VFC )

on Monday appointed two new independent directors to its board,

amid pressures from activist investor Engaged Capital for a

board reshuffle and faster change at the company grappling with

choppy demand.

Engaged Capital, which has a 1.3% stake in VF, has been

pushing for board representation and has already successfully

pressed VF to cut costs and explore strategic alternatives since

disclosing its position in the company in October last year.

With the appointments, VF has added five new directors to

its board within the past two years, including directors with

fashion apparel and footwear experience.

VF Corp ( VFC ) named Mindy Grossman and Kirk Tanner as independent

directors and appointed Caroline Brown, who joined VF's board of

directors in February, to the position of global brand president

of The North Face, succeeding Nicole Otto.

Grossman is a partner at advisory and investing firm

Consello, while Tanner helms Wendy's Co and is a member

of its board since February 2024.

The Denver-based apparel retailer last month named Spotify's ( SPOT )

former CFO Paul Vogel as its new finance chief,

effective July 8.

"These appointments represent further steps in VF's

refreshment process, and reflect our continued constructive

collaboration with VF shareholder Engaged Capital," VF Corp ( VFC ) said

in a statement.

Grossman and Tanner will stand for re-election at the

company's 2024 annual shareholders meeting, while director Benno

Dorer will not be standing for re-election, it added.

In May, VF Corp ( VFC ) posted a fourth-quarter loss and reported

revenue below analysts' estimates as sales continued to decline

across its brands. Its shares are down nearly 27% so far this

year.

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