VF Corporation, the parent of a range of active lifestyle brands including Altra, Icebreaker, Jansport, The North Face, Smartwool, Timberland, Vans, and others, reported Wednesday, July 29, that its CFO, Paul Vogel, will step down to move closer to family. Abhishek Dalmia, currently chief operating officer (COO) at VF Corp., will step into the newly combined role of CFO and COO.
“I am so thankful to Paul for being my partner these past two years,” commented company CEO Bracken Darrell in his prepared remarks on a conference call with analysts Wednesday morning. “He’s played a key role in dramatically improving our balance sheet, lowering our cost base and returning us to growth. Paul should be very proud of his accomplishments (and I know he is). He’s also been a good friend and partner to me and the entire team, and we will all miss him.”
Vogel, pictured right, said the work to turn things around at VF has required a “significant amount of time away from his family” that had remained on the East Coast.
“As I looked ahead and discussed with Bracken the ongoing expectations, we decided now would be the right time for VF to transition to a new CFO,” Vogel shared. He said he remains confident in the company, the strategy, and the progress the company is making.
“In fact, I leave this role with great confidence in where VF is headed,” vogrl continued. “Over the past two years, we have made meaningful progress – stronger financial discipline, improved execution, a significant reduction in debt and a sharpened portfolio. We returned to growth for the full year in fiscal 26 for the first time in three years, expanded margins materially and reduced the leverage ratio by two full turns in 2 years. And I am confident we will hit our previously provided guidance for the medium-term.”
Vogel said he was “very pleased” that Dalmia will be stepping into the CFO role, as he understands the transformation agenda and the operating model, and he brings a powerful combination of strategic, operational and financial perspective.
“On a personal note, Abhishek has been a true partner to me and we’ve had a lot of fun working together,” Vogel added.
Vogel will work with Dalmia over the next quarter to help ensure a smooth, thoughtful transition.
“Last, I want to say thank you,” Vogel said in his comments. “First, thank you to Bracken for his partnership, trust and leadership. It has been a privilege to work alongside him during such an important period for VF. Thank you to the Board and the broader leadership team for their support and collaboration. Thank you to our shareholders and analysts. Most of all, thank you to the finance organization and to the teams across VF.”
After stints at Dell and Lululemon, Dalmia, pictured left, spent seven years at BCG working with a broad group of companies in the industry on a wide range of projects. Darrell said that experience has already paid big dividends at VF, as he reengineered the first technology organization, then supply chain, and will soon focus his efforts on finance.
“He’s also been a partner for me in our strategy and execution,” the CEO said. “He’s a particularly good fit for the CFO role as an expansion of his current role. You’ll soon see he’s NOT going to be a COO ‘who just adds finance.’ He will be a CFO who really understands at a practical level how to create total shareholder value. He deeply understands brand value creation. And the combination of these roles will drive sustainable and profitable growth, agility, and cost efficiency.”
As the business evolves into the next phase of growth, Darrell expects the new CFO’s ability to blend financial acumen with change management and transformative thinking will be “just the right cocktail” for VF’s ongoing transformation.
“Thank you, Bracken, for your confidence and for the opportunity to take on this expanded role,” Dalmia responded. “I am honored by the trust you and the Board have placed in me. I also want to thank Paul for his partnership and friendship. He has helped guide VF through an important period of transformation and has developed strong finance leaders. I look forward to partnering with this talented team as we enter our next phase.”
Dalmia said he chose to join VF a few years ago because he loved the VF brands and believes in the long-term potential and success of the company.
“Going forward, my commitment is to ensure that every dollar of capital is deployed where it creates the greatest long-term value,” he concluded. “That means maintaining discipline in how we invest, strengthening returns across our portfolio and balancing growth, profitability, and cash generation to deliver sustainable TSR. I am energized by what lies ahead in this next phase as I continue to work closely with Bracken and key leaders in Brands and Commercial to make VF a high-performing and highly profitable growth business.”
Images courtesy VF Corporation
