VF Corp appoints new Chief Accounting Officer

V.F. Corporation (NYSE:VFC), a prominent player in the apparel industry with a market capitalization of $5 billion and annual revenue of $9.5 billion, has announced a significant change in its executive team. According to InvestingPro analysis, the stock is currently trading below its Fair Value, presenting a potential opportunity for investors. On Monday, the company disclosed the upcoming retirement of Bryan H. McNeill, the current Vice President and Chief Accounting Officer, who is set to leave his position on June 1, 2025. McNeill’s departure comes after a commendable stint of nearly three decades with the company.

Stepping into the role will be Michael E. Phillips, who has been with V.F. Corporation since June 2010. Phillips, 52, brings a wealth of experience to his new position, having served as Vice President, Enterprise Financial (NASDAQ:EFSC) Reporting Controller since September 2022. His previous roles within the company have included Vice President, Financial Controller for both North America and Asia Pacific regions, as well as Chief Financial Officer for VF Services. This transition comes at a challenging time for the company, with InvestingPro data showing a 35.91% decline in stock value over the past six months, despite maintaining its impressive 55-year streak of consecutive dividend payments.

Phillips’ extensive background also includes 15 years leading audit and financial due diligence engagements for various public and private companies, primarily in the consumer products sector. He is a Certified Public Accountant, a qualification that underscores his expertise in financial management and strategy.

The company has clarified that Phillips does not have any familial ties to other directors or executive officers within the company. Furthermore, there are no disclosed transactions involving Phillips that would necessitate reporting under Item 404(a) of Regulation S-K. His appointment comes without any arrangements or understandings with other persons.

V.F. Corporation’s announcement, made through a filing with the Securities and Exchange Commission, reflects the company’s commitment to maintaining a strong leadership team as it navigates the dynamic apparel industry. The transition in this key accounting role is expected to be smooth, with Phillips’ prior experience within the company providing a solid foundation for his new responsibilities.

Investors and stakeholders of V.F. Corporation will likely keep a close watch on the impact of this executive change, as the company continues to uphold its reputation for strong corporate governance and strategic financial oversight. While currently trading at a relatively high P/E ratio of 67.36, InvestingPro analysis reveals multiple additional insights and metrics available to subscribers, including detailed financial health scores and comprehensive valuation analysis in the Pro Research Report, which provides actionable intelligence for informed investment decisions.

In other recent news, VF Corp reported mixed fourth-quarter earnings, with revenues aligning with expectations and adjusted earnings per share (EPS) exceeding projections. Despite these results, the Vans brand experienced a significant slowdown, contributing to concerns about the company’s near-term prospects. BNP Paribas (OTC:BNPQY) Exane maintained a Neutral rating but significantly lowered its price target from $25 to $11, citing weaker key indicators for a turnaround. Similarly, Stifel adjusted its price target from $28 to $15, maintaining a Buy rating, while highlighting the challenges faced by the Vans brand and revising its EPS estimate for fiscal year 2027 from $1.75 to $1.00.

BMO Capital Markets reduced its price target for VF Corp from $25 to $15, maintaining a Market Perform rating, while noting a slight miss in top-line revenue despite adjusted EPS exceeding expectations. Truist Securities also lowered its price target from $24 to $13, maintaining a Hold rating, and expressed caution regarding the ongoing challenges with the Vans brand. Needham adjusted its price target to $15 from $28, maintaining a Buy rating, while revising its EPS forecasts for fiscal years 2026 and 2027 downward. These recent developments reflect the broader market uncertainties and the challenges VF Corp faces with its key brands.

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