VF Corp.’s CFO to Step Down, Strategic Brand Review Underway

Denver-based VF Corp., owner of brands like Dickies, Timberland and Vans, reported its third quarter fiscal results Tuesday, according to a press release, which revealed the company’s revenue fell 16 percent year over year to $3 billion USD. VF Corp. attributes this to what they call a shift in timing regarding wholesale deliveries, “most pronounced for The North Face,” reads the release.

The largest brands in its portfolio saw revenue drops – The North Face was down 10 percent; Dickie’s was down 16 percent; Timberland was down by 21 percent; and Vans by 28 percent.

In a call with investors Tuesday, Retail Dive reports, CEO Bracken Darrell announced that VF Corp.’s CFO Matt Puckett would be stepping down later this year. “[Matt] and I have agreed that it’s time to make a change as part of the overall transformation efforts we’re introducing across the company,” Darrell said during the call. “Matt will stay on until we appoint his successor to help ensure a smooth transition.”

He continued, “I want to thank Matt. His tenure at VF spans almost 23 years with roles across the organization and around the world. Since my arrival last July, Matt has been a valuable member of the team and an important player in helping to advance our transformation agenda.”

The company is also planning to do a review of all its brand assets to “ensure the company owns the brands that it believes create the greatest long-term value,” states the release.