VF Corporation (NYSE: VFC), a global leader in branded lifestyle
apparel, footwear and accessories, today announced the appointment
of Paul Vogel as Chief Financial Officer, effective July 8, 2024.
He will succeed Matt Puckett, who as previously announced, will be
stepping down.
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Paul Vogel. Courtesy of VF Corp
Vogel is an experienced finance executive with significant
operational, financial planning and capital markets experience. He
most recently served as Chief Financial Officer of Spotify
Technology S.A., the world’s most popular audio streaming
subscription service, where he dramatically improved the financial
health of the company. During his tenure as CFO, Spotify’s revenue
nearly doubled, users more than doubled, and the company achieved
expanded operating margins and free cash flow.
“We’re excited to welcome Paul to VF and look forward to his
contributions to our leadership team as we reset the VF business
and ignite growth across our brand portfolio,” said Bracken
Darrell, VF’s President and Chief Executive Officer. “Paul’s
extensive operational and financial expertise at a global,
consumer-oriented company, and his deep knowledge of finance and
the capital markets, will be valuable as we continue to strengthen
VF’s financial positioning and drive the Company’s return to
profitable growth.”
“It’s an honor to join VF at such an important time in the
Company’s history,” said Vogel. “VF has all the right ingredients
to return to growth – with a portfolio of globally renowned brands
with loyal consumer bases in expanding markets, a talented team,
and an innovative, purpose-driven culture. I look forward to
working with the world-class team Bracken has assembled to enhance
growth and value creation for shareholders.”
“We thank Matt for his contributions to VF during his over 23
years with the Company,” Darrell added. “He has been a great
partner to me as I’ve settled into the CEO role, and demonstrated
impressive leadership and dedication to the VF team. We wish him
all the best.”
About Paul Vogel
Paul Vogel most recently served as Chief Financial Officer at
Spotify Technology S.A., from January 2020 to December 2023,
overseeing FP&A, M&A and Corporate Development, Investor
Relations, Accounting, Treasury, Tax and Internal Audit. During his
tenure as CFO, Spotify transformed into an EBIT profitable
business, expanded to 180 markets from 80 markets, and grew its
user base from 270 million users to over 600 million. Before
serving as CFO, he was Spotify’s Head of Financial Planning &
Analysis, Treasury and Investor Relations from 2016 to 2020, where
he helped lead the company’s direct listing and build its investor
base. Prior to joining Spotify, Vogel spent 20 years in the
investment community as both an equity investor and publishing
research analyst, most recently as Managing Director and Head of
the Internet and Media Equity Research team at Barclays from 2013
to 2016. Previously, Vogel spent 10 years at AllianceBernstein as
Global Sector Head for Consumer, Media and Internet Investing. He
started his career as a Research Analyst at Morgan Stanley and DLJ.
He is a CFA Charterholder and holds a Bachelor of Arts in Economics
from the University of Pennsylvania.
About VF Corporation
Founded in 1899, VF Corporation is one of the world’s largest
active-lifestyle companies which connects people to the activities
and experiences they cherish most through a portfolio of outdoor,
active, workwear and streetwear 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.
Forward-Looking Statements
Certain statements included in this release 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
several risks and uncertainties. You can identify these statements
by the fact that they use words such as “will,” “anticipate,”
"believe," “estimate,” “expect,” “should,” and “may” and other
words and terms of similar meaning or use of future dates, however,
the absence of these words or similar expressions does not mean
that a statement is not forward-looking. All statements regarding
VF’s plans, objectives, projections and expectations relating to
VF’s operations or financial performance, and assumptions related
thereto are forward-looking statements. 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. VF undertakes no obligation to
publicly update or revise any forward-looking statements, whether
as a result of new information, future events or otherwise, except
as required by law. 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 include, but are not limited to: the
level of consumer demand for apparel and footwear; disruption to
VF’s distribution system; changes in global economic conditions and
the financial strength of VF’s consumers and customers, including
as a result of current inflationary pressures; fluctuations in the
price, availability and quality of raw materials and finished
products; disruption and volatility in the global capital and
credit markets; VF’s response to changing fashion trends, evolving
consumer preferences and changing patterns of consumer behavior;
VF's ability to maintain the image, health and equity of its
brands, including through investment in brand building and product
innovation; intense competition from online retailers and other
direct-to-consumer business risks; increasing pressure on margins;
retail industry changes and challenges; VF's ability to execute our
Reinvent transformation program and other business priorities,
including measures to streamline and right-size our cost base and
strengthen the balance sheet while reducing leverage; VF’s ability
to successfully establish a global commercial organization, and
identify and capture efficiencies in our business model; any
inability of VF or third parties on which we rely, to maintain the
strength and security of information technology systems; the fact
that VF’s facilities and systems, and those of third parties on
which we rely, are frequent targets of cyber-attacks, and may in
the future be vulnerable to such attacks, and any inability or
failure by us or such third parties to anticipate or detect data or
information security breaches or other cyber-attacks, including the
cyber incident that was reported by VF in December 2023, could
result in data or financial loss, reputational harm, business
disruption, damage to our relationships with customers, consumers,
employees and third parties on which we rely, litigation,
regulatory investigations, enforcement actions or other negative
impacts; any inability by VF or third parties on which we rely to
properly collect, use, manage and secure business, consumer and
employee data and comply with privacy and security regulations;
VF’s ability to adopt new technologies, including artificial
intelligence, in a competitive and responsible manner; foreign
currency fluctuations; stability of VF's vendors' manufacturing
facilities and operations and VF's ability to establish and
maintain effective supply chain capabilities; continued use by VF’s
suppliers of ethical business practices; VF’s ability to accurately
forecast demand for products; actions of activist and other
shareholders; VF's ability to recruit, develop or retain key
executive or employee talent or successfully transition executives;
continuity of members of VF’s management; changes in the
availability and cost of labor; VF’s ability to protect trademarks
and other intellectual property rights; possible goodwill and other
asset impairment such as the impairment charges related to the
Timberland®, Dickies® and Icebreaker® reporting unit goodwill;
maintenance by VF’s licensees and distributors of the value of VF’s
brands; VF’s ability to execute acquisitions and divestitures,
integrate acquisitions and manage its brand portfolio; business
resiliency in response to natural or man-made economic, public
health, cyber, political or environmental disruptions; changes in
tax laws and additional tax liabilities; legal, regulatory,
political, economic, and geopolitical risks, including those
related to the current conflicts in Ukraine and the Middle East and
tensions between the U.S. and China; changes to laws and
regulations; adverse or unexpected weather conditions, including
any potential effects from climate change; VF's indebtedness and
its ability to obtain financing on favorable terms, if needed,
could prevent VF from fulfilling its financial obligations; VF's
ability to pay and declare dividends or repurchase its stock in the
future; climate change and increased focus on environmental, social
and governance issues; VF's ability to execute on its
sustainability strategy and achieve its sustainability-related
goals and targets; risks arising from the widespread outbreak of an
illness or any other communicable disease, or any other public
health crisis, including the coronavirus (COVID-19) global
pandemic; and tax risks associated with the spin-off of our
Jeanswear business completed in 2019. 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 SEC, including
VF’s Annual Report on Form 10-K, and Quarterly Reports on Form
10-Q, and Forms 8-K filed or furnished with the SEC.
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version on businesswire.com: https://www.businesswire.com/news/home/20240521294025/en/
Investor Contact: Allegra
Perry ir@vfc.com
Media Contact: Colin Wheeler
Corporate_Communications@vfc.com
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