Shares of VF Corp (NYSE:VFC) ended Thursday session in red amid volatile trading. The shares closed down -1.84 points or -3.17% at $56.20 with 8.73 million shares getting traded. Post opening the session at $55.25, the shares hit an intraday low of $55.21 and an intraday high of $56.68 and the price vacillated in this range throughout the day. The company has a market cap of $22.85 billion and the numbers of outstanding shares have been calculated to be 414.74 million shares.
VF Corp (VFC) on August 8, 2016 announced the appointment of Jim Pisani to the position of Global Brand President, Timberland®, effective immediately. Pisani most recently served as President of VF’s Licensed Sports Group, which includes the Majestic® brand. He will report to Scott Baxter, Vice President, VF and Group President, Outdoor & Action Sports Americas.
“Jim is a tremendously talented and accomplished executive with a proven track record of delivering consistent business results and generating new growth opportunities,” said Baxter. “His passion, energy, and embodiment of the values deeply rooted in the Timberland brand and in VF make him the ideal leader to guide the brand into its next phase of global growth.”
Pisani joined VF in 2008 as President of VF Licensed Sports Group. The business unit’s Majestic® brand is the official on-field uniform provider for Major League Baseball. It also supplies apparel and fanwear through licensing agreements with U.S. and international professional sports leagues, colleges and universities, and lifestyle brands. Prior to VF, Pisani held a succession of leadership roles in branding, merchandising, sales and marketing at PepsiCo and Kraft Foods.
“I’m truly honored to be given the responsibility to lead this powerful and iconic brand with such rich history,” said Pisani. “There are so many opportunities in front of the Timberland brand and I look forward to partnering with the talented teams around the world to leverage our collective strengths and accelerate growth.”
Shares of Goodyear Tire & Rubber Co (NASDAQ:GT) ended Thursday session in green amid volatile trading. The shares closed up +1.58 points or 5.13% at $32.39 with 8.36 million shares getting traded. Post opening the session at $32.29, the shares hit an intraday low of $31.70 and an intraday high of $32.70 and the price vacillated in this range throughout the day. The company has a market cap of $8.43 billion and the numbers of outstanding shares have been calculated to be 262.00 million shares.
On Sept. 15, 2016 The Goodyear Tire & Rubber Company (GT) announced Outlines Growth Plan, Financial Targets.
“The tire industry is healthy, growing and offers attractive opportunities to grow profitably,” said Chairman, Chief Executive Officer and President Richard J. Kramer. “Our strategy is built to take advantage of key industry drivers including the transition to increasingly complex, large-rim diameter tires and the growing influence of empowered consumers in all aspects of the tire buying process.”
Kramer added, “We believe the combination of Goodyear’s innovation and technology leadership, industry-leading products and strong global brand provide us with a competitive advantage to execute our strategy and deliver on our performance targets.”
Goodyear’s financial performance targets include:
$3 billion in annual segment operating income in 2020 and
Cumulative free cash flow of $4.3-$4.9 billion from 2017 to 2020.
Goodyear also updated its capital allocation plan that includes growth capital expenditures, restructuring, debt repayment and a shareholder return program of up to $4 billion. As part of that program, Goodyear’s Board of Directors has declared a quarterly dividend of 10 cents per share of common stock, a 43 percent increase. The dividend is payable December 1, 2016, to shareholders of record on November 1, 2016. The payout represents an annual rate of 40 cents per share. Future dividends will be subject to Board approval.
“Our capital allocation plan demonstrates Goodyear’s commitment to creating value by maintaining financial flexibility to execute our strategic plan, continuing to strengthen our balance sheet and investing for future growth while also providing significant direct returns to shareholders,” said Kramer.