Activist investor Engaged Capital is seeking to gain board seats at apparel maker VF Corp (VFC), according to a Reuters report. An heir of the founding family of VF has reportedly expressed support for Engaged Capital's efforts. Yahoo Finance's Julie Hyman and Josh Lipton break down the details. For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live. Editor's note: This article was written by Angel Smith
Activist investor Engaged Capital is seeking to gain board seats at apparel maker VF Corp (VFC), according to a Reuters report. An heir of the founding family of VF has reportedly expressed support for Engaged Capital's efforts.
Yahoo Finance's Julie Hyman and Josh Lipton break down the details.
For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.
Editor's note: This article was written by Angel Smith
Barrons.com
VF Corp. stock was on track for its best day in decades Monday on the heels of two pieces of news. Shares of VFC, which owns clothing brands The North Face, Vans, and Timberlands, were jumping 15% to $17.58, putting them on pace for their largest increase since Dec. 7, 1973, when they gained 18%, according to Dow Jones Market Data. Chief Executive Officer Darrell Bracken purchased 65,360 shares in a transaction Feb. 9, bringing his total amount of VF shares owned to about 144,281, according to a securities filing.
Reuters
A member of the founding family behind VF Corp is backing activist investor Engaged Capital's push for board seats and faster change at the struggling owner of the North Face, Vans and Timberland brands. Kelly Barbey, the great-grandson of John Barbey, who founded VF in 1899, told Reuters he wants two directors on VF's 12-member board replaced and that he is backing Engaged Capital in its efforts to achieve this. Barbey said he wants Clarence Otis and Juliana Chugg, directors since 2004 and 2009, respectively, replaced for failing to respond to VF's challenges over the last few years.
Reuters
Some pilots at Spirit Airlines are worried and scouring for other opportunities after a U.S. judge last month blocked the low-cost air carrier's proposed merger with competitor JetBlue Airways, throwing its future into doubt. Spirit pilots, recruiters and industry sources told Reuters that the ruling has led to increased job applications at other places of employment. Spirit Chief Financial Officer Scott Haralson last week said the company was looking into "right sizing" its labor costs, adding to the uneasiness.