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MarketScreener Homepage  >  Equities  >  Nyse  >  VF Corporation    VFC

VF CORPORATION

(VFC)
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VF : Announces Changes to Brand Leadership and Management Structure Around Core and Emerging Brands Portfolio

10/14/2020 | 09:26am EST

DENVER- VF Corporation (NYSE: VFC), a global leader in branded lifestyle apparel, footwear and accessories, today announced organizational changes in support of its ongoing business model transformation and to ensure greater alignment in the management of its Core and Emerging Brands portfolio.

With these changes, the leaders of VF's three Core Brands (Vans, The North Face and Timberland) and its Emerging Brands (all other brands in its portfolio) now report directly to Chairman, President and CEO, Steve Rendle.

Reporting to Rendle is the following brand leadership team:

Doug Palladini, Global Brand President, Vans.

Steve Murray, Global Brand President, The North Face. Previously VF's President of the Americas Region, Murray replaces Arne Arens who has stepped down to pursue other opportunities outside of VF. In line with the company's transformation initiative, VF has eliminated the role of President of the Americas.

Martino Scabbia Guerrini, President of the EMEA Region and interim Global Brand President for Timberland. Scabbia Guerrini continues to lead the Timberland brand while the company seeks a permanent Global Brand President.

Kevin Bailey, President of the Asia Pacific Region and Emerging Brands.

'As we work to become a more integrated brand-building company, we must operate differently and manage our Core and Emerging Brands in differentiated ways in order to help each of them achieve their full potential,' said Rendle. 'As we do this, it's critical that we place our strongest talent on our most important opportunities to drive long-term, sustainable growth across our portfolio and in all geographies.'

In appointing Murray to Global Brand President of The North Face, VF is tapping into Murray's extensive experience built over a successful 30-year career leading several global apparel and footwear brands. Murray served as President of Vans following VF's acquisition of the brand in 2004 and was later appointed as President of VF's Action Sports Coalition in 2009. He has also held leadership roles with iconic youth brands, including serving as CEO of Airwair International (Dr. Martens), Global Brand President of Urban Outfitters, and EMEA President for Deckers Brands. Earlier in his career, Murray was the Global Head of Apparel for Reebok International.

Rendle concluded, 'Steve is an incredibly strong and well-respected leader who knows our industry inside and out. I look forward to working even more closely with him, Doug, Martino and Kevin to accelerate our business model transformation and pursue the many opportunities ahead for all brands in the VF portfolio.'

In addition to VF's brand leadership, the company's enterprise function leaders also continue reporting to Rendle as members of VF's Executive Leadership Team.

About VF

Founded in 1899, VF Corporation is one of the world's largest apparel, footwear and accessories companies connecting people to the lifestyles, activities and experiences they cherish most through a family of iconic outdoor, active and workwear brands including Vans, The North Face, Timberland and Dickies. Our purpose is to power movements of sustainable and active lifestyles for the betterment of people and our planet. We connect this purpose with a relentless drive to succeed to create value for all stakeholders and use our company as a force for good. For more information, please visit vfc.com.

Craig Hodges

Vice President, Corporate Affairs & Communications

Craig_hodges@vfc.com

Source: VF Corporation

(C) 2020 Electronic News Publishing, source ENP Newswire

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Financials (USD)
Sales 2021 9 116 M - -
Net income 2021 449 M - -
Net Debt 2021 3 205 M - -
P/E ratio 2021 76,2x
Yield 2021 2,25%
Capitalization 33 431 M 33 431 M -
EV / Sales 2021 4,02x
EV / Sales 2022 3,28x
Nbr of Employees 48 000
Free-Float 92,6%
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Mean consensus OUTPERFORM
Number of Analysts 27
Average target price 84,52 $
Last Close Price 85,72 $
Spread / Highest target 22,5%
Spread / Average Target -1,40%
Spread / Lowest Target -34,7%
EPS Revisions
Managers
NameTitle
Steven E. Rendle Chairman, President & Chief Executive Officer
Scott A. Roe Chief Financial Officer & Executive Vice President
Velia Carboni Chief Technology & Digital Officer
Clarence Otis Independent Director
W. Alan McCollough Lead Independent Director
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