VF Corp board reshuffles after director resignation

DENVER, CO - VF Corporation (NYSE:VFC), known for its apparel and footwear brands and currently trading at $16.32, announced a change in its board composition. According to InvestingPro data, the company maintains strong liquidity with assets exceeding short-term obligations. On Monday, the company’s board accepted the resignation of director W. Rodney McMullen. This move followed a substantial change in McMullen’s principal occupation, prompting his departure in line with the company’s Corporate Governance Principles.

McMullen’s resignation led to an immediate reduction in the board’s size from thirteen to twelve directors. VF Corp did not disclose the nature of McMullen’s occupational change or any further details regarding the resignation. The company’s governance guidelines stipulate that directors should offer to resign if there is a significant alteration in their primary job or if they fail to meet other specified criteria.

The Governance and Corporate Responsibility Committee of the board recommended the acceptance of McMullen’s resignation. VF Corp’s swift adherence to its governance standards reflects its commitment to corporate responsibility and the effective management of its board.

VF Corporation, headquartered in Denver, Colorado, operates under a diversified portfolio, including outdoor, active, and workwear brands, generating over $10 billion in revenue. The company has maintained dividend payments for 55 consecutive years, demonstrating long-term financial commitment. The company’s stock is traded on the New York Stock Exchange, where it is listed along with its various classes of senior notes.

This board adjustment comes at a time when VF Corp continues to navigate the competitive landscape of the apparel industry, focusing on strategic growth and market presence. The stock has experienced a 23.59% decline year-to-date, though InvestingPro analysis suggests the company is currently undervalued. For deeper insights into VF Corporation’s financial health and growth prospects, investors can access comprehensive Pro Research Reports, available exclusively on InvestingPro, covering over 1,400 US stocks.

The information regarding these corporate changes is based on a press release statement filed with the Securities and Exchange Commission on March 27, 2025.

In other recent news, VF Corporation announced the redemption of its outstanding 2.400% Senior Notes due in 2025, scheduled for March 27, 2025. This financial move aims to manage VF Corp’s near-term debt obligations and optimize its balance sheet, potentially reducing future interest expenses. Concurrently, Stifel analysts maintained a Buy rating on VF Corp shares with a $35 price target, citing growth potential in its The North Face and Timberland brands. Stifel also highlighted VF Corp’s strategic execution in the outdoor market and the importance of the Vans brand, which accounts for a significant portion of the company’s revenue and profit.

Meanwhile, Jefferies analyst Ashley Helgans adjusted the price target for VF Corp shares to $23.00, maintaining a Hold rating due to limited details on sales growth for The North Face and Vans. The analyst expressed caution over the company’s sales growth trajectory. In a separate development, Needham analysts initiated coverage of VF Corp with a Buy rating and a $28 price target, recognizing the company’s recovery efforts after a challenging period for its earnings per share. Needham’s analysis suggests a potential EPS of at least $2.00 by fiscal year 2028, indicating a positive trajectory for VF Corp.

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