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Mackey McDonald, the man who engineered VF Corp.’s transformation from stodgy and staid category player into a lifestyle brand powerhouse, will end his 12-year tenure as chief executive officer on Jan. 1, making way for current president and chief operating officer Eric Wiseman to take the reins.
McDonald will continue in his role as chairman of VF’s board of directors and Wiseman will become president and ceo.
“We are in a great place in that VF’s transformation to a global lifestyle apparel company is well underway and producing outstanding results for shareholders,” said McDonald in a statement. “We have achieved four consecutive years of record earnings and we anticipate another record year in 2007. In terms of management succession, I wanted to transition out of the ceo role when VF was in a very strong position with a very bright future and that’s where we are today.”
Wiseman joined VF in 1995 as executive vice president of JanSport and became executive vice president of global brands in 2005. He took his most recent post as president and chief operating officer in March 2006 and was added to the firm’s board seven months later.
McDonald is a 24-year VF veteran and one of the longest serving chief executives in the industry. He joined the company’s Lee division in 1983 and steadily worked his way up the ranks of management. In 1993 he was appointed president of the company. Three years later he was named ceo, and in 1998 added the title of chairman.
For complete coverage, see Friday’s issue of WWD.