24 Aug VFC Corp. CEO Reaps Rewards
VF Corp Chairman and CEO Eric C Wiseman sold 264,816 shares of his shares of the company’s stock Aug. 18 and 19 for between $64 and $65 a share, or total proceeds of $17.1 million.
Wiseman acquired the shares for $18.72 each by exercising half the options he earned under the company’s 2010 non-qualified stock option plan to earn a profit before costs of approximately $12 million. He could have banked much more than that had he sold a year earlier when VFC shares were trading about 16 percent higher.
The options vested between 2012 and February, 2013 and expire in February 2020.
Wiseman, who is 60 and has served on VF Corp.’s board since 2006, controlled 3.03 million shares of VFC stock as of Jan. 2, 2016, company filings show. VF Corp.’s Outdoor & Action Sports Coalition, which is its largest by far, owns The North Face, Timberland, Vans, Smartwool, Eagle Creek, Lucy, Reef and other brands. Last year, the coalition generated $7.4 billion in sales, or nearly 60 percent of the company’s revenue for the year.