VF Corporation (NYSE: VFC) announced today that Chairman Mackey J. McDonald will retire as Chairman of the Board and as a Director of VF Corporation, effective August 1, 2008. VF’s Board of Directors has elected President and Chief Executive Officer Eric C. Wiseman, 52, to the role of Chairman upon McDonald’s retirement. McDonald’s retirement completes VF’s planned leadership succession, which began with the promotion of Wiseman to President and Chief Operating Officer in March 2006 and CEO in January 2008.
“Mackey McDonald is a tremendous leader and a very special person whose impact on VF will last well beyond his presence. He led the successful transformation of VF into a dynamic lifestyle brand company well positioned for future growth and, perhaps most importantly, he helped build a unique performance-driven culture based on the highest levels of integrity and respect for individuals,” Wiseman said.
McDonald, 61, completes a 25-year career with VF that included 11 years as CEO and 10 years as Chairman. He began his career at VF in 1983 when he joined the company's Lee division as Assistant Vice President, Merchandising Services. During his rise through the company, McDonald held the successive positions of Executive Vice President and President of Wrangler, and in 1991 he was promoted to VF Group Vice President, responsible for the company's Lee, Wrangler, JanSport and Healthtex divisions. McDonald was named President of VF Corporation in 1993, CEO in 1996 and Chairman in 1998.
“The time is right to complete the final step of our leadership succession. Eric’s transition to CEO has gone extremely well and he continues to demonstrate outstanding leadership,” McDonald said. “I feel extremely gratified in knowing that VF has a very bright future. We have the strongest leadership and the most talented and dedicated associates in the apparel industry, all of whom are keenly focused on producing results for our shareholders.”
VF Corporation is a global leader in lifestyle apparel with a diverse portfolio of jeanswear, outdoor, imagewear, sportswear and contemporary apparel brands. Its principal brands include Wrangler®, Lee®, Riders®, The North Face®, Vans®, Reef®, Eagle Creek®, Eastpak®, JanSport®, Napapijri®, Nautica®, Kipling®, John Varvatos®, 7 For All Mankind®, lucy®, Majestic®, Lee Sport® and Red Kap®.
VF Corporation's press releases, annual report and other information can be accessed through the Company's home page, www.vfc.com.
Cindy Knoebel, CFA, VP, Financial &
Corporate Communications, 336-424-6189 or 212-841-7141