Activist investor Engaged Capital said it took a stake in Vans owner VF Corporation, pushing for aggressive changes.
Engaged is pushing for several aggressive changes, including $300 million in cost cuts.CREATE FREE ACCOUNT
Shares of VF Corp. jumped roughly 14% following the news, trading at over $18. The stock is down more than 30% so far this year. Engaged said shares of VF Corp. could jump to a share price of $46 within three years if proposed changes are implemented.Engaged said former VF Corp. CEO Steve Rendle, who abruptly left the company late last year, made a series of strategic errors during his tenure.
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