Matt Puckett, chief financial officer of the US clothing group VF Corporation, will step down from his position later this year.
CEO Bracken Darrell made the announcement during the company’s fiscal third-quarter earnings call, agreeing with Puckett that it’s time for a change as part of the company’s overall transformation strategy.
Puckett, who has worked for VF in various roles for nearly 23 years, will continue in the role of CFO until a successor is appointed.
“I am grateful for the many opportunities and, more importantly, the great friendships and relationships that have resulted from them,” said the outgoing CFO during the conference. “However, there always comes a time for change and Bracken and I agree that this is the right time. While I will be stepping down in the coming months, in the meantime I will remain committed to driving the transformation agenda, leading the finance organization and supporting the transition.”
His departure comes as the company reported a 16 percent decline in sales in the third quarter of the year – a “disappointing” result, Darrell commented, which led to the launch of a portfolio review as part of the Reinvent transformation program.
“This quarter marks the start of the next phase of our transformation plan: rebalancing the van market, reviewing our brand portfolio and continuing to build the organization of the future,” said Darrell. “As we approach the end of this fiscal year, my confidence in VF’s future grows.”
This translated post previously appeared on FashionUnited.com