By  on September 13, 2011

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.

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