VF Announces Strategic Leadership Changes to Align Business for Continued Long-Term Growth

Download as PDF

Steve Rendle Promoted to Newly Created Senior Vice President, Americas, Position

GREENSBORO, N.C.-- VF Corporation (NYSE: VFC) today announced the appointment of Steve Rendle to the newly created role of Senior Vice President, Americas.

Since 2011, Rendle has served as Vice President & Group President – Outdoor & Action Sports Americas. His new responsibilities in the Americas will include leadership of the Outdoor & Action Sports, Jeanswear, Imagewear, Sportswear and Contemporary Brands coalitions.

“Steve’s track record of successful growth at VF is outstanding,” said Eric Wiseman, VF Chairman, President and Chief Executive Officer. “His appointment strengthens our ability to develop powerful brands by connecting with consumers, serving them directly and leading in innovation. As we continue on our path to $17 billion in revenue by 2017, Steve’s consumer-focused leadership will play a crucial role in helping to build sustainable, long-term growth for VF.”

The company also announced the following senior management changes: Patrik Frisk, currently Timberland® brand President, has been promoted to Coalition President, Outdoor Americas, with responsibility for The North Face®, Timberland®, JanSport®, lucy® and SmartWool® brands. A successor to Frisk to lead the Timberland® brand in the Americas will be announced in the coming months.

Kevin Bailey, who is currently Vans® brand President, Americas, has been promoted to Coalition President, Action Sports Americas and Vans. In addition to the Vans® brand, Bailey will oversee the Reef® and Eagle Creek® brands.

“VF is an organization of proven leaders and talented associates,” Wiseman continued. “With powerful brands and strong business platforms that unify our organization, we are able to put the right people in the right positions to consistently fuel growth and create value for our shareholders.”

About VF

VF Corporation is a global leader in branded lifestyle apparel and footwear with more than 30 brands. The company’s five largest brands are The North Face®, Vans®, Wrangler®, Timberland®, and Lee®. Other brands include 7 For All Mankind®, Bulwark®, Eagle Creek®, Eastpak®, Ella Moss®, JanSport®, Kipling®, lucy®, Majestic®, Napapijri®, Nautica®, Red Kap®, Reef®, Riders®, Splendid® and SmartWool®. For more information, please visit www.vfc.com.

Forward Looking Statements

Certain statements included in this release and the attachments are "forward-looking statements" within the meaning of the federal securities laws. Forward-looking statements are made based on our expectations and beliefs concerning future events impacting VF and therefore involve a number of risks and uncertainties. You can identify these statements by the fact that they use words such as “will,” “anticipate,” “estimate,” “expect,” “should,” and “may” and other words and terms of similar meaning or use of future dates. We caution that forward-looking statements are not guarantees and that actual results could differ materially from those expressed or implied in the forward-looking statements. Potential risks and uncertainties that could cause the actual results of operations or financial condition of VF to differ materially from those expressed or implied by forward-looking statements in this release include, but are not limited to, the level of consumer confidence and overall level of consumer demand for apparel; fluctuations in the price, availability and quality of raw materials and contracted products; disruption to VF’s distribution system; disruption and volatility in the global capital and credit markets; VF's reliance on a small number of large customers; the financial strength of VF's customers; VF’s response to changing fashion trends; increasing pressure on margins; VF's ability to implement its growth strategy; VF's ability to grow its international and direct-to-consumer businesses; VF's ability to successfully integrate and grow acquisitions, including the Timberland acquisition; VF's ability to maintain the strength and security of its information technology systems; adverse unseasonable weather conditions; stability of VF's manufacturing facilities and foreign suppliers; continued use by VF's suppliers of ethical business practices; VF's ability to accurately forecast demand for products; continuity of members of VF's management; VF's ability to protect trademarks and other intellectual property rights; maintenance by VF's licensees and distributors of the value of VF's brands; foreign currency fluctuations; changes in tax liabilities, and legal, regulatory, political and economic risks in international markets. More information on potential factors that could affect VF's financial results is included from time to time in VF's public reports filed with the Securities and Exchange Commission, including VF's Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.

VF Corporation
Lance Allega, Vice President, Investor Relations
336-424-6082
or
Carole Crosslin, Director, Corporate Communications
336-424-7836

Source: VF Corporation

Released April 8, 2014