VF Corp. on Tuesday completed its $2.3 billion acquisition of The Timberland Co., and appointed Patrik Frisk as the unit’s president, succeeding former head Jeff Swartz.
With VF paying $43 a share, Swartz’s Class A and Class B shares will translate into nearly $89 million and he would be in line for a $37.2 million golden parachute payment, based on the merger agreement filed with the Securities and Exchange Commission last month. Sidney Swartz, Jeff’s father and the company’s former chairman, would receive $324.2 million and the family trust would get $150.4 million. The Swartz family controlled all of the Class B voting stock of the firm while the father and son collectively owned 5.6 percent of the Class A common shares.
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"