Spotify vet tapped for VF Corp.’s CFO chair

Dive Brief:

Apparel and footwear maker VF Corporation appointed corporate finance veteran Paul Vogel to become its new CFO, effective July 8, the company said Wednesday.
Vogel, a former finance chief of Spotify Technology, will succeed current VF CFO Matt Puckett, who is stepping down. The appointment is the latest in a series of leadership changes at the company — whose brands include Timberland footwear — since Bracken Darrell was installed as CEO last year.
“By the time I reach my one-year anniversary at VF in July, we'll have almost completely changed the leadership of this company,” Darrell said in a Wednesday earnings call. “I have great confidence that we have the right team in place to successfully drive VF’s turnaround and long-term growth.”

Dive Insight:

VF reported a financial setback to its investors on Wednesday, while also announcing Puckett’s replacement. The company’s revenue declined 13% year-over-year to $2.4 billion for its most recent quarter ended March 30, according to its earnings results.

“No turnaround happens without a strong team, and I've spent an enormous amount of time on this particular area,” Darrell said during the Wednesday call.

Puckett’s resignation was announced in February as VF posted $3 billion in total revenues for its fiscal 2024 third quarter, a decline of 16% compared with the year-earlier period. At the time, the company said that it was initiating a “strategic review of the brand assets within its portfolio” with its board of directors “to ensure the company owns the brands that it believes create the greatest long-term value.”

In a Wednesday press release, the CEO said that Vogel’s finance knowledge and expertise “will be valuable as we continue to strengthen VF’s financial positioning and drive the Company’s return to profitable growth.”

Vogel, 51, will receive an annual base salary of $825,000, a target annual bonus opportunity of 110% of his annual base salary and a target annual long-term incentive opportunity of $3 million, according to a securities filing from VF.

Puckett will continue to serve as CFO pending the effective date of Vogel’s appointment, the filing said.

Vogel joined Spotify in 2016 as head of FP&A, treasury and investor relations, according to his LinkedIn profile. He was promoted to the role of CFO in 2020. His other past roles include managing director of global financial services provider Barclays.

Other leadership changes announced at VF since Darrell became its CEO include the appointment of Brent Hyder as chief people officer last August. Alastair Curtis, chief design officer, and Abhishek Dalmia, chief strategy and transformation officer, joined the leadership team this year, according to their LinkedIn pages.