Vans Parent Adds Former Nike Exec to Board
VF said Monday Trevor Edwards joined its board, where he will be part of the Talent and Compensation Committee and Governance and Corporate Responsibility Committee.
“We’re thrilled to welcome Trevor to our board,” Chair Richard Carucci said in a statement. “He is a highly accomplished executive with extensive experience in apparel and footwear that will be valuable to VF as we continue to deepen our brands’ relationships with consumers, strengthen product innovation, and improve operational effectiveness.”
Edwards most recently was president of the Nike brand, during a five-year run that ended in 2018. His duties encompassed the business regions, categories, direct-to-consumer, product, merchandising, marketing, sales, and digital.
Edwards resigned from his position at Nike in March 2018, with the company saying in an SEC filing he would retire in August of that same year.
The resignation ended a nearly 27-year career at Nike, with Edwards joining the sportswear company in 1992 as the marketing director of strategic accounts. He went on to serve as EMEA vice president of marketing, U.S. vice president of marketing, chief marketing officer, and executive vice president of global brand and category management.
Edwards also sits on the board of Funko Inc. and is an advisor to direct-to-consumer brands and investment firms.
“I am excited to join the VF Board at such an important time and look forward to contributing my experience and insights as the company looks to deepen its connections with consumers and adapt to an evolving marketplace,” Edwards said in a statement.
The board appointment comes as VF works on a turnaround at one of its largest brands, Vans. In July it brought in Bracken Darrell as VF president and CEO, replacing interim President and CEO Benno Dorer.
Activist Shareholder Calls For Change at VF
The company is facing criticism from Newport Beach investment firm Engaged Capital LLC, which last week released a presentation outlining how it thinks VF stock could climb to $46 a share in three years. VF stock closed down 3% to $17.48 on Monday.
Engaged criticized former VF President and CEO Steve Rendle, who stepped down from the company in December, for ballooning costs the firm said came from a heavy focus on expanding corporate and acquisitions at the expense of brands such as Vans.
Engaged also called VF’s $2.1 billion purchase of Supreme in 2020 the “culmination of a flawed strategy” and a “break down in risk management.”
The investment firm is calling for, among other things, VF to consider divestiture of non-core assets. Spokespeople for Engaged did not respond to a request for comment last week, including how it defines “non-core.” The path Engaged outlined to triple the stock value highlights only the potential for growth in The North Face and Vans.
Kari Hamanaka can be reached at firstname.lastname@example.org.