Caroline Brown is taking on a new role in the reinvention of VF Corp. — stepping down from the company’s board to become global brand president of The North Face.
Brown, who just became a director at VF in February, brings a long résumé to the role that includes stints as chief executive officer of Donna Karan International and as managing director of New York investment firm Closed Loop Partners. She starts next week and is taking over from Nicole Otto, whose departure was described by VF as an “involuntary termination without cause,” according to a regulatory filing.
The switch was accompanied by some more finetuning on the board at VF, which is looking to sell off brands and rejuvenate the struggling Van’s business.
In “collaboration” with activist investor Engaged Capital, Mindy Grossman and Kirk Tanner both joined the company’s board as independent directors, the company said.
Grossman, a partner at investing platform Consello, previously served as CEO at WW International, where she led the organization’s rebranding from Weight Watchers. Before that, she led HSNi. Tanner became CEO of Wendy’s Co. in February and spent more than 30 years at PepsiCo Inc.
Benno Dorer, who had been the company’s interim CEO before handing the reins to Bracken Darrell last year, is stepping down from the board.
Richard Carucci, chair of VF, said: “Mindy and Kirk are proven leaders with extensive track records leading complex companies and supercharging the growth of global consumer brands through innovation, marketing and digital strategies. We look forward to benefiting from their insights as VF continues to improve execution and enhance innovation as part of its Reinvent strategy. These appointments represent further steps in VF’s refreshment process, and reflect our continued constructive collaboration with VF shareholder Engaged Capital.”
Glenn Welling, founder and chief investment officer at Engaged, said: “We are pleased to have worked with the VF board on Mindy and Kirk’s appointments. VF shareholders will benefit from Mindy’s apparel and digital expertise and Kirk’s experience operating a multibranded portfolio at the highest levels. We also are highly supportive of Caroline in her new management role. All three additions bring invaluable skills to the company and will play important roles in helping accelerate VF’s strategic and business transformation.”
Darrell hasn’t wasted any time making changes at VF, especially with a portfolio review that is expected to see at least Supreme — and potentially several other brands — spin out of the company.
But Darrell is clearly still focused on The North Face, traditionally one of the company’s strongest brands.
“Caroline’s expertise in building and transforming global brands, as well as her extensive experience in the apparel and fashion industry, fit perfectly with the needs of The North Face brand at this time,” Darrell said. “With Caroline’s intense focus on brand building, product design, consumer insight and innovation, I am confident The North Face will expand on its enormous power as a leading global outdoor brand and be a driving force behind VF’s growth and value creation.”
