© Reuters. V.F. Corp. (VFC) heirs support Engaged Capital’s push for board shake-up – Reuters
Engaged Capital, an activist investor, has received support from the founding family of V.F. Corp. (NYSE:), according to Reuters on Monday. The investor aims to secure board seats and accelerate changes at VF Corp, which is the parent company of popular brands such as North Face, Vans, and Timberland.
Reuters said it was told by Kelly Barbey that the activist investment firm, which has a 1.3% stake in VF, has won the support of descendants of John Barbey, who founded VF in 1899.
Members of the Barbey family now collectively own about 15% of VF.
The publication said Kelly Barbey told them that the Barbey family wants two directors on VF’s 12-member board replaced. They want to replace Clarence Otis, a director since 2004, and Juliana Chugg, a director since 2009, as they blame them for not responding to challenges the company has faced over the last few years.
Engaged Capital disclosed its position in the company last year and has been pushing for board representation since then.
Reuters said Barbey told them that “Engaged Capital must urgently attain the Board member changes requested,” as “public shareholders and the Barbey trust beneficiaries depend upon them.”