VF Corp. CEO Bracken Darrell brings in a $13.5 million pay package during his first fiscal year.
Darrell stepped in as president and chief executive officer in July and has been working to reshape the once high-flying company, which fell on hard times asThe work of reviving VF is very much under way and Darrell’s pay package for fiscal 2024 is designed to sync up his fortunes with those of shareholders. The bulk of his compensation came in the form of stock and option awards that together were valued at $12.5 million.
The CEO’s pay was disclosed in VF’s proxy statement to regulators, which sets up the company’s shareholder meeting on July 23 and also included a letter to shareholders from chair Richard Carucci. Carucci was clear-eyed on the company’s recent results, but voiced support for Darrell and his efforts to set a new course.as a year of weak business performance, but important progress,” Carucci told fellow shareholders. “On a like-to-like basis, revenues declined about 10 percent, with the largest declines atand North America. This led to a significant reduction in profitability and further weakened our stock price.
On the plus side, he said the company has managed inventory well, driving cash flow and reducing debt by more than $500 million. “Bracken has deep experience in executive leadership, product innovation and brand management with a proven track record of reinvigorating brands and businesses,” Carucci said. “He has completely reshaped the leadership team, both by attracting experienced and well-respected leaders who have the skills necessary to deliver the turnaround while also promoting internal talent to key roles.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
25 Million XRP Push From Binance, Another Whale Sell-off?XRP whale funnels $13 million out of Binance, what does this mean?
Read more »
Store Clerk Who Sold Hunter Biden Gun Says He Tried to Leave $13 TipGordon Cleveland remembers the day Hunter Biden walked into his gun store on Oct. 12, 2018 very clearly.
Read more »
A Lavish Residence Topping the Four Seasons Toronto Hits the Market for $13 MillionLocated in Toronto's upscale Yorkville neighborhood, this glitzy, bespoke residence has three bedrooms, four baths and two terraces.
Read more »
Investors flock to Aramco share sale that could raise $13 billionInvestors flock to Aramco share sale that could raise $13 billion
Read more »
Pioneer Woman Ree Drummond’s Summer Fashion Collection Is Here, and Prices Start at Just $13The latest Pioneer Woman fashion summer collection from Food Network personality Ree Drummond is now available at Walmart.
Read more »
Chainge Completes $13 Million Funding Round, Announces Focus on AI TradingOne-stop cryptocurrency ecosystem Chainge completes its latest funding round ahead of major AI-centric upgrades
Read more »