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VF Corporation Restructuring, Rumors of DC Acquisition Imminent

GREENSBORO, N.C.–(BUSINESS WIRE)–Jan. 20, 2009–VF Corporation (NYSE: VFC), announced today a new coalition leadership structure designed to enhance our focus on growth in our outdoor, action sports and international businesses. As a result, three leaders are assuming new roles as coalition presidents, effective February 1.

“VF’s Outdoor coalition has enjoyed significant success over the past five years, achieving scale in both the outdoor and action sports industries. To align our coalition structure to best capture future opportunities in these industries, we are replacing the Outdoor Americas coalition with two separate coalitions: Outdoor Americas and Action Sports Americas,” announced Eric Wiseman, VF’s Chairman and Chief Executive Officer.

Steve Rendle, currently the President of The North Face, one of VF’s fastest-growing brands, has been promoted to President of VF’s Outdoor Americas coalition. In his new role he will be responsible for the continued expansion of The North Face(R), JanSport(R) and Eagle Creek(R) brands. Rendle, 49, joined The North Face in 1999 and has been a key leader behind the successful growth of the business since its acquisition by VF in 2000. He also has held leading sales management roles at both Youngone Corporation and W.L. Gore and Associates prior to joining The North Face. He will continue to be based in San Leandro, California.

Stephen Murray, currently President of Vans, which has also shown tremendous growth since being acquired by VF in 2004, has been promoted to President – Action Sports Americas coalition. Murray, 48, will lead the continued growth and development of the Vans(R) and Reef(R) brands. Murray has been with Vans since 1998, when he served as Chief Marketing Officer and Senior Vice President International. Prior to joining Vans, Murray was Vice President of global apparel at Reebok. Murray will continue to be based in Cypress, California.

Rendle and Murray will both report to Wiseman. As a result of these moves, Dave Gatto, President – VF Outdoor Americas, will be leaving the company. “Dave has been a strong leader of our Outdoor Americas coalition. We thank Dave for his many accomplishments over his 4 years with VF and wish him the very best in his future endeavors,” said Wiseman.

In addition, to further support the continued growth of its international business, VF has promoted Martino Scabbia Guerrini, 44, currently President – VF International Sportswear and Packs, to President – Sportswear and Contemporary Brands EMEA coalition, another new VF coalition. In addition to continuing to lead the Kipling(R), Napapijri(R) and Eastpak(R) brands, which have enjoyed superior growth in recent years, he will also oversee the expansion of the 7 For All Mankind(R) brand in EMEA. Prior to joining VF in 2006, Scabbia Guerrini held executive positions with Bruno Magli SpA and TOD’s SpA. He will continue to be based in Lugano, Switzerland, reporting to Karl Heinz Salzburger, President – VF International.

“These moves recognize the superior performance of our outdoor brands and our confidence in continuing our strong international momentum,” said Wiseman. “Each of these outstanding leaders is a key contributor to the success of VF’s growth plan, and I am confident in their ability to manage through these turbulent times to ensure the long-term success of our businesses.”