Scott A. Roe Named to Succeed Shearer
VF Corporation (NYSE:VFC), a leader in branded lifestyle apparel
and footwear, today announced that Senior Vice President &
Chief Financial Officer Robert K. Shearer will retire in March
2015, after 28 years with the company.
VF named Scott A. Roe, 49, currently Vice President, Controller
and Chief Accounting Officer, to succeed Shearer in the role of
Chief Financial Officer.
“Bob’s commitment to VF, our people, our shareholders and the
consumers of our 30-plus brands is unsurpassed,” said Eric C.
Wiseman, Chairman, President and Chief Executive Officer of VF.
“His focus is always on creating shareholder value through growth
and an effective business model. Bob has the uncommon ability to be
both strategic and execution-minded. Over the years he has been an
outstanding partner to me and the rest of the VF management team
around the world.”
Wiseman continued, “While Bob is one of the most accomplished
business leaders I have ever worked with, he is an equally
successful leader of people. He has led the development of a global
finance team that functions as business partners to brand leaders,
while instilling a consistently high standard of financial
discipline and performance.
“Bob will actively serve in his role until the end of next
March, and we know his powerful leadership, focus on total
shareholder return, mentoring and commitment to a seamless
transition will mark every minute,” Wiseman said. “The timing of
this announcement allows everyone ample time to ensure a smooth and
orderly transition that will help us continue the strong financial
performance our shareholders have come to expect of VF.
“Scott Roe brings strong leadership, insight and a deep
understanding of VF’s financial model,” Wiseman said. “He has
worked closely with Bob and the VF leadership team for many years.
He is an active member of our Operating Committee and has helped to
drive the financial success we’ve achieved. Scott is completely and
uniquely qualified to succeed Bob.”
Shearer, 62, joined VF in 1986 as Assistant Controller and was
promoted to Vice President, Controller in 1994. He was named Vice
President and Chief Financial Officer in 1998 and was elevated to
Senior Vice President and Chief Financial Officer in 2005. In that
role, he is responsible for leading VF’s global Finance, Tax,
Treasury, Audit, Accounting and Controls, Financial Reporting, Real
Estate, Risk Management, Global Business Technology, Investor
Relations, Aviation and Corporate Communications organizations.
During Shearer’s tenure as Chief Financial Officer, VF’s
revenues have more than doubled to $11.4 billion in 2013. The
company’s share price has increased five-fold during his time as
CFO. All along, VF has maintained a strong balance sheet. In 2013
and 2014, buy-side analysts voted him “Best CFO" in the Consumer
Apparel, Footwear & Textiles sector. Under Shearer’s
leadership, VF’s Investor Relations function was also named one of
the sector’s best.
Roe joined VF in 1996 as an Audit Manager, and since that time
has held multiple positions of increasing responsibility within the
company’s Finance organization. In 2012, Roe was promoted to Vice
President of Finance for VF Corporation, based in Greensboro, N.C.,
after serving as Vice President and Chief Financial Officer for VF
International, which is headquartered in Switzerland. He was a key
participant in building VF’s growing International platform.
Roe will report to Wiseman. He began his career as a Senior
Auditor for Ernst & Young, serving Fortune 500 clients in the
apparel, manufacturing and service industries. He then held several
roles with Blue Circle Inc. and Alumax Inc. (now part of Alcoa),
where he served as Division Controller prior to joining VF. Roe
received a bachelor’s degree in Accounting from the University of
Tennessee in 1987, and earned his C.P.A. license in 1990.
About VF
VF Corporation (NYSE: VFC) is a global leader in the design,
manufacture, marketing and distribution of branded lifestyle
apparel, footwear and accessories. The company’s highly diversified
portfolio of 30 powerful brands spans numerous geographies, product
categories, consumer demographics and sales channels, giving VF a
unique industry position and the ability to create sustainable,
long-term growth for our customers and shareholders. The company’s
largest brands are The North Face®, Vans®,
Timberland®, Wrangler®, Lee® and Nautica®. For
more information, 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 demand for apparel
and footwear; disruption to VF’s distribution system; VF's reliance
on a small number of large customers; the financial strength of
VF's customers; VF's ability to implement its growth strategy; VF's
ability to grow its international and direct-to-consumer
businesses; VF and its customers’ ability to maintain the strength
and security of its information technology systems; stability of
VF's manufacturing facilities and foreign suppliers; continued use
by VF's suppliers of ethical business practices; VF's ability to
protect trademarks and other intellectual property rights; 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 CorporationCraig Hodges, 336-424-5636Director, Public
RelationsorLance Allega, 336-424-6082Vice President, Investor
Relations
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