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.