VF CFO to step down, Q3 results trigger portfolio review

Ahead of announcing the financial results for Q3, it was revealed that VF Corporation’s chief financial officer Matt Puckett would be stepping down from the post later this year.

Newly appointed CEO Bracken Darrell made the announcement during VF’s FY24 Q3 conference call, agreeing with Puckett that it was time to make a change as part of the conglomerate’s overall transformation strategy.

Puckett, who has been with VF for nearly 23 years and has taken on a variety of positions, will continue to serve in the CFO role until a replacement is appointed.

In the call, the executive said: “I’m thankful for those many opportunities and, more importantly, for the great friendships and relationships that have come from it.

“However, there always comes a time for change, and Bracken and I are aligned on this being the right time. While I’ll be stepping down in the coming months, in the interim, I remain committed to helping pursue the transformation agenda, leading the finance organisation and supporting the transition.”

His departure comes as VF reported a revenue decline of 16 percent in the third quarter of the year, a “disappointing” result Darrell commented, leading to the introduction of a portfolio review through its ‘Reinvent’ transformation programme.

Darrell added: “This quarter marked the beginning of the next phase of our transformation plan: resetting the marketplace for Vans, reviewing our brand portfolio and continuing to build the organisation of the future. As we approach the end of this fiscal year, my confidence in VF’s future is rising.”