Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On April 19, 2021, the Board of Directors of V.F. Corporation (the "Company")
appointed Matt Puckett as Executive Vice President and Chief Financial Officer
of the Company, effective at the end of May 2021 (the "Effective Date"). Mr.
Puckett will succeed Scott A. Roe, who will retire as Executive Vice President
and Chief Financial Officer of the Company, effective as of the Effective Date.
Mr. Puckett, 47, has been with the Company for 20 years. He joined the Company
in 2001 as a Senior Accountant in the finance organization. Throughout the
following decade, he held a series of finance roles with increasing
responsibility. Immediately following the Company's 2011 acquisition of the
Timberland® brand, he was appointed Chief Financial Officer of Timberland®. In
2015, he was named Chief Financial Officer of VF International, a role that took
him to the Company's European headquarters in Stabio, Switzerland. Mr. Puckett
returned to the U.S. in 2019 and has most recently served as the Company's Vice
President, Global Financial Planning & Analysis.
In connection with Mr. Puckett's appointment, he will receive the following
compensation package: (i) an annualized base salary of $600,000, effective as of
the Effective Date, (ii) an annual incentive target equal to 100% of base
salary, effective as of the Effective Date, and (iii) a long-term incentive plan
annual equity award with a target value of $1,800,000, expected to be made in
May 2021 concurrent with long-term incentive plan annual equity awards to the
Company's other executive officers.
There is no arrangement or understanding between Mr. Puckett and any other
person pursuant to which Mr. Puckett was appointed. There are no family
relationships, as defined in Item 401 of Regulation S-K, between Mr. Puckett and
any of the Company's executive officers or directors or persons nominated or
chosen to become a director or executive officer. There are no transactions in
which Mr. Puckett has an interest requiring disclosure under
Item 404(a) of Regulation S-K.
In connection with Mr. Roe's retirement, the Company will pay him a one-time,
lump-sum amount of $575,000, less applicable withholdings and deductions, within
30 days after the Effective Date.
Item 7.01 Regulation FD Disclosure.
A copy of the Company's press release, dated April 22, 2021, relating to the
matters described above is furnished as Exhibit 99.1 to this Form 8-K.
Item 9.01 Financial Statements and Exhibits.
Exhibit No. Description
99.1 V.F. Corporation press release dated April 22, 2021
104 Cover Page Interactive Data File (embedded within the Inline
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
By: /s/ Laura C. Meagher
Name: Laura C. Meagher
Title: Executive Vice President, General Counsel & Secretary
Date: April 22, 2021
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