VF Corp. has named Matt Puckett executive vice president and chief financial officer. He succeeds Scott Roe, who will retire from VF after 25 years.
Puckett will report to Steve Rendle, chief executive officer of VF, and will serve on the company’s executive leadership team.
Puckett, 47, has been with VF for 20 years. He joined in 2001 as a senior accountant in the finance organization, and has held a series of finance roles with increasing responsibility. He was appointed in 2009 as as CFO of VF’s Sportswear Coalition, which comprised the Nautica and Kipling brands.
Following VF’s 2011 acquisition of the Timberland brand, Puckett was named CFO of Timberland and helped integrate that brand into VF. In 2015, he was appointed CFO of VF International, based at the group’s European headquarters in Stabio, Switzerland, where he was responsible for the financial management for its business across the EMEA and Asia Pacific regions. he returned to the U.S. in 2019 and has served as VF’s vice president, global financial planning and analysis.
“Matt’s VF career has given him a broad range of experience in all facets of financial management, and he deeply understands our company and financial model from his experience working within our brands, our business units, and across international markets. Matt is a clear example of VF’s robust succession planning approach and there’s no one more qualified than him to serve in the CFO position as we pursue the next phase of the VF growth strategy,” said Rendle.
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After a 25-year career at VF, Roe has decided to retire and pursue other opportunities. He served as the company’s CFO for the last six years.
“Scott has had a tremendous career at VF and his impact on our organization has been significant,” said Rendle. “Scott was instrumental in helping to build our international platforms during his time as CFO of VF International. He has overseen a number of VF’s acquisitions and divestitures and been a significant partner in helping to actively evolve our brand portfolio throughout his tenure. And importantly, Scott has enabled VF to consistently deliver on our commitments to shareholders and stakeholders, even during challenging times. Scott has worked closely with Matt over the last several years to ensure a smooth and natural transition.”
Roe will remain with VF through the end of May to close out the company’s fiscal year 2021. Puckett will assume the CFO position upon Roe’s departure.
According to an 8-K filing with the SEC this week, Puckett will receive an annualized base salary of $600,000, and an annual incentive target equal to 100 percent of base salary, both effective as of the effective date, along with a long-term annual equity award with a target value of $1.8 million, expected to be made in May 2021 concurrent with long-term incentive plan annual equity awards to the company’s other executive officers. The company will pay Roe a one-time lump-sum of $575,000 less applicable withholdings and deductions within 30 days after the effective date.
VF, which is based in Denver, has a portfolio of brands including Vans, The North Face, Timberland, Dickies and Supreme. For fiscal year 2020, the company reported $10.5 billion in revenues.
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