Activist investment firm Engaged Capital has taken a stake in VF Corp. , owner of Vans and The North Face brands, and is pushing for cost cuts and changes to the board.
Shares of VF Corp jumped roughly 14% following the news, trading at over $18.
Engaged said shares of VF Corp. could jump to a share price of $46 within three years if proposed changes are implemented.
It is unclear exactly how much of a stake Engaged has taken in VF Corp.
VF Corp. said it is aware of Engaged's comments and investment.
Persons:
Steve Rendle, Rendle, Rendle's, Bracken Darrell, Mr, Darrell
Organizations:
Face Inc, VF Corp, Vans, Corp
Locations:
Easton, Columbus , Ohio, Vans