VF Corporation, the US-based owner of denim brands Wrangler and 7 For All Mankind, has made a number of mangement changes following the completion of its $2.3bn (£1.46bn) acquisition of footwear and outdoor clothing brand Timberland.
In June the deal reportedly received the unanimous approval from the boards of both companies, although it still needed the green light from shareholders and regulators. It was expected that the deal would be completed by the end of this month.
Following the completion VF Corporation has made a raft of changes. Patrik Frisk,who has been president of VF’s outdoor and action sports unit in Europe, the Middle East and Africa since 2009, is to replace Jeff Swartz as president of the Timberland division.
Swartz has been with Timberland, the firm founded by his grandfather, for 25 years and has held the position of president and chief executive since 1998.
According to reports, Swartz has made no comment on his future plans now that he is no longer with the company.
Carrie Teffner, vice president and chief financial officer and Danette Wineberg, vice president of general counsel and secretary have also left Timberland following the completion of the deal yesterday.
Mark Satkiewicz, president of Timberland’s Smartwool unit, will stay on as president of Smartwool Americas.
Timberland becomes part of VF’s Outdoor and Action Sports Coalition and the deal is expected to increase V Corporation’s revenue for 2011 by $700m (£429m). It forecasted annual sales growth of 10% for Timberland.
Yesterday Timberland unveiled the first of its new format stores in London’s Westfield Stratford City shopping centre.