Eric C. Wiseman to Become CEO of VF Corporation; Mackey J. McDonald to Continue as Chairman
GREENSBORO, N.C.--
The Board of Directors of VF Corporation (NYSE: VFC), a global leader in branded lifestyle apparel, today announced that President and Chief Operating Officer Eric C. Wiseman will become Chief Executive Officer, effective Jan. 1, 2008. Wiseman, 51, will succeed CEO Mackey J. McDonald, who will continue to serve as Chairman of VF's Board of Directors.
As President and CEO, Wiseman will have responsibility for VF's strategic direction, execution of its long-term growth plan and day-to-day operations. As Chairman, McDonald, 60, will remain involved on a full-time basis with acquisition identification, talent development programs, customer relations and Board management.
"As CEO, my primary objective has been to grow the company. We are in a great place in that VF's transformation to a global lifestyle apparel company is well underway and producing outstanding results for shareholders. We have achieved four consecutive years of record earnings and we anticipate another record year in 2007. In terms of management succession, I wanted to transition out of the CEO role when VF was in a very strong position with a very bright future and that's where we are today. This is the right time to implement the next step in our very successful management succession plan," McDonald said.
"Eric Wiseman is a tremendously talented and collaborative leader who possesses a unique combination of strategic thinking and operational expertise. Eric has displayed great leadership in the execution of VF's growth plan and in his ability to build an experienced and talented management team. Over the past year he has been driving the development of VF's long-term strategic business plan across our coalitions and brands, and I anticipate a very smooth transition and continued growth under his leadership."
Wiseman has 29 years of experience in the apparel industry. He joined VF in 1995 as Executive Vice President of JanSport and has held a progression of leadership roles within and across VF's coalitions. He became Executive Vice President, Global Brands for VF Corporation in May 2005, and was appointed President and Chief Operating Officer of VF Corporation in March 2006. He was elected to VF Corporation's Board of Directors in October 2006.
Wiseman holds a bachelor's degree in business and an MBA from Wake Forest University. He currently serves on the Board of Directors for CIGNA Corporation and the Board of Visitors of Wake Forest University's Babcock Graduate School of Management.
About VF
VF Corporation is a global leader in lifestyle apparel with a diverse portfolio of jeanswear, outdoor, imagewear, sportswear and contemporary apparel brands. Its principal brands include Wrangler(R), Lee(R), Riders(R), The North Face(R), Vans(R), Reef(R), Eagle Creek(R), Eastpak(R), JanSport(R), Napapijri(R), Nautica(R), Kipling(R), John Varvatos(R), 7 For All Mankind(R), lucy(R), Majestic(R), , Lee Sport(R) and Red Kap(R).
VF Corporation's press releases, annual report and other information can be accessed through the Company's home page, www.vfc.com.
Source: VF Corporation
Released October 4, 2007