VF Corp. Executive Chairman Eric Wiseman profited $11.39 million after exercising stock options at $23 per share and reselling them on the market for $63 per share, according to a filing Monday morning with the Securities and Exchange Commission.
Wiseman, who has served as chairman for the apparel and footwear company since 2008, sold off an additional 110,000 shares last week at $63 per share, profiting an additional $4.41 million, according to additional filing.
Wiseman additionally served as chief executive officer for the company from 2008 t0 the end of 2016. This past July, Wiseman announced he would retiring as chairman and as a director effective Oct. 28, 2017.
Wiseman’s retirement completes VF’s planned leadership succession, which began with the promotion of Steven Rendle to president and chief operating officer in June 2015, and to CEO in January of this year.
“It’s especially noteworthy that during Eric’s time as CEO, the company’s share price more than tripled,” said Rendle in a press release announcing his retirement.
Greensboro-based VF has more than 30 brands, including Vans, The North Face, Timberland, Wrangler and Jansport. Last month, it agreed to acquire the company that makes the Dickie brand for $820 million.
VF was trading at $63.46, down 12 cents, in Tuesday afternoon trading.