An Activist Investor Is Pushing VF Corp. to Refresh Its Board and Halt Acquisitions

An activist investor with a stake in VF Corp. has outlined a plan it says can increase shareholder value and cut costs at the footwear and apparel conglomerate. Engaged Capital on Tuesday said it has amassed an investment in the retail powerhouse that owns Vans, The North Face and other brands. The size of the stake was not disclosed. In a slideshow made to be presented at the 13D Monitor Active-Passive Investor Summit on Tuesday and viewed by FN, the firm outlined a strategy to lift VF’s share price to somewhere in the mid-$40’s within three years. This plan includes measures meant to reduce costs by $300 million and restore brand authority by reinvesting $100 million of savings into VF’s largest brands, Vans and The North Face. The firm also called for a full review of non-core assets and asked for VF to “publicly commit to no further acquisitions.” Engaged also called for the appointment of new board members that “prioritize value creation.” In a statement, VF said it was aware of Engaged’s investment and recent statements. “We value the views of our shareholders and seek to maintain an open dialogue with the investment community,” the company said. “VF has globally recognized and

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