VF Corporation just became the latest shoe company to announce a new chief financial officer this month.
The footwear conglomerate on Wednesday named Paul Vogel the top finance role. He replaces Matt Puckett, who stepped down from the role and the company after a 23-year total tenure.
“We’re excited to welcome Paul to VF and look forward to his contributions to our leadership team as we reset the VF business and ignite growth across our brand portfolio,” said VF’s president and chief executive officer Bracken Darrell in a statement. “Paul’s extensive operational and financial expertise at a global, consumer-oriented company, and his deep knowledge of finance and the capital markets, will be valuable as we continue to strengthen VF’s financial positioning and drive the company’s return to profitable growth.”
Vogel’s appointment marks the fourth major CFO hire in the shoe industry this month. In early May, Crocs, Wolverine Worldwide and Superfeet all announced new CFO hires. Notably, all of those hires were women, reflecting a new hiring trend in the footwear and broader consumer space.
Vogel most recently served as CFO of Spotify Technology S.A. where he oversaw the doubling of Spotify’s revenue and user count. Before becoming CFO, he was Spotify’s head of financial planning and analysis, treasury and investor relations until 2020. He worked in the investment community as an equity investor and publishing research analyst before joining Spotify.
“It’s an honor to join VF at such an important time in the company’s history,” Vogel said in a statement. “VF has all the right ingredients to return to growth – with a portfolio of globally renowned brands with loyal consumer bases in expanding markets, a talented team, and an innovative, purpose-driven culture. I look forward to working with the world-class team Bracken has assembled to enhance growth and value creation for shareholders.”
Shares of VF Corp. dropped in after hours trading on Wednesday after the company reported results for the fourth quarter. Revenues were $2.4 billion, down 13 percent from the prior year and adjusted loss per share was 32 cents.
