Vans, North Face owner VF Corp.'s shares jump after activist investor builds stake
Publishing timestamp: 2023-10-17 16:15:35
Summary
Activist investor Engaged Capital has taken a stake in VF Corporation and is pushing for cost cuts and changes to the board. They believe that the former CEO made strategic errors and are calling for $300 million in cost cuts. Shares of VF Corp. closed higher, but the exact stake taken by Engaged Capital is unclear. VF Corp. is aware of Engaged's comments and investment and states that they are taking actions to strengthen the company's position.
Sentiment: MIXED
Tickers: VFC,
Keywords: retail industry, business, business news, breaking news: business, vf corp,
Source: https://www.cnbc.com/2023/10/17/vans-owner-vf-corp-jumps-after-activist-investor-builds-stake.html