VF Corp. appointed Caroline Brown, a recently appointed board member who formerly led Donna Karan International, as global brand president of The North Face, replacing Nicole Otto. VF also announced two board appointments backed by activist investor Engaged Capital.

The two new independent board directors are Mindy Grossman, who formerly led Weight Watchers and the HSN shopping network, and Kirk Tanner, current CEO of Wendy’s.

Brown, who only joined VF’s board this past February with a recommendation from Engaged Capital, has stepped down from the board with her new role. Benno Dorer, an independent director, has decided not to stand for re-election at its upcoming annual meeting.

The changes come as VF in late May reported its losses widened in the fiscal fourth quarter ended March 30 as sales declined 13%.

The North Face’s sales in the period were down 5% on a currency-neutral basis. The weakness was attributed to ongoing challenges in the U.S. wholesale business that continues to battle high inventory levels.

By region on a currency neutral basis, The North Face’s sales fell 15% in the quarter in the Americas region, slid 3% in EMEA, and gained 15% in the APAC region.

North Face President Nicole Otto is exiting the company. File photo courtesy of VF Corp.

Many Leadership Changes

Otto had been leading The North Face since June 2022, becoming the brand’s first female global brand president. Previously, she was at Nike for 16 years, ending as VP of Nike Direct North America.

The North Face president’s role has now seen several changes in recent years. Otto replaced Steve Murray, who retired at the time. Murray, the former long-time Vans’ CEO, had replaced former North Face leader Arne Arens at VF’s request. Arens had held the role for just over three years.

The executive change at The North Face comes only four days after VF announced the appointment of Sun Choe, former chief product officer at Lululemon, as global brand president, Vans, beginning in late July. Vans has been struggling for several years – in the recently ended fiscal year, Vans’ revenue totaled $2.8 billion, a 25% decline in constant currency.

VF said Brown, who will be starting the week of June 10, has extensive experience as a senior leader and board director in the fashion and apparel sector on a global level.

“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,” said Bracken Darrell, VF’s president and CEO, in a statement. “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. On behalf of the Board and leadership team, I thank Nicole for her dedication and service to VF and the brand, and wish her the best in her future endeavors.”

Most recently, Brown was a managing director at Closed Loop Partners, a circular economy-focused investment firm based in New York from April 2019 to June 2023. At Closed Loop Partners, she led the firm’s fashion practice.

From April 2019 to June 2023, Brown served as CEO of Donna Karan International (DKI) and DKNY. VF said she led a transformation of Donna Karan, “elevating product design, modernizing brand identity, overseeing organizational structure realignments and supply chain consolidations.” She saw the brand through its sale by LVMH to G-III Apparel Group in December 2016. From June 2010 to November 2014, she was president of Carolina Herrera, the fashion design house known for its ready-to-wear and bridal range. She was credited with evolving the label’s product development and brand architecture while driving international expansion.

She was also CEO of Akris, the Swiss-based women’s luxury fashion brand, after beginning her career at Giorgio Armani, where she spent over a decade in marketing and communications leadership roles.

Brown has served on numerous boards, including Eileen Fisher in the U.S., Browzwear (Israel), Dimpora (Switzerland), By Rotation (UK) and For Days (U.S.). She is a member of the MIT Sloan Sustainability Initiative Advisory Board and an Advisor to the Martin Trust Center for Entrepreneurship at the MIT Sloan School of Management. She also served as an advisor to the CFDA/VOGUE Fashion Fund and to the H&M Global Change Awards.

Activist Investors Spark VF Corp. Board Changes

The board changes come as VF said in mid-February it will appoint one new board member and select a second with input from activist investor Engaged Capital. Engaged, which has a 1.3% stake in VF, has been pushing for board representation and further restructuring since disclosing its position in the company late last year. Brown joined the board at that time.

Grossman is currently a partner at Consello, an advisory firm that also invests in mid-market companies. Previously, she served as president and CEO of WW International, where she led the organization’s rebranding from Weight Watchers to WW and its evolution to a personalized weight loss platform with a digital-first subscription model.

Prior to WW, Grossman served as CEO at HSNi for 11 years, driving a turnaround and spinoff as a stand-alone public company. Prior to HSNi, she served as a global VP at Nike Inc. for five years, overseeing the brand’s $4 billion global apparel business and earning credit for energizing growth in its women’s business.

Tanner has served as president and CEO of Wendy’s Co. since February 2024. Prior to that, he was at PepsiCo for over 30 years, including as CEO, PepsiCo Beverages North America, the $26 billion business unit which accounts for approximately 30% of PepsiCo’s overall business.

Richard Carucci, chair of VF’s board, said in the statement, “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. With these appointments, VF has added five new directors to its Board within the past two years, including directors with valuable apparel and footwear experience.”

Glenn Welling, founder and CIO of Engaged Capital, 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 multi-branded 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.”

Engaged has pressed VF to cut costs and explore strategic alternatives, including selling its non-core brands. Under Darrell, who previously led computer peripherals maker Logitech International, VF has launched a Reinvent transformation program, which has included layoffs among other cost-cutting initiatives. VF said the program drove further inventory reductions in the fourth quarter, helping the company deliver $1 billion in operating cash flow and over $800 million in free cash flow, exceeding internal guidance.