The new company will comprise the Wrangler, Lee, and Rock & Republic brands, and the VF Outlet business.
Reef will operate as an independent global brand under The Rockport Group, and will maintain its Carlsbad, California, headquarters.
Over the next five years, the Vans brand expects diversified and balanced growth across all product categories and distribution channels.
The separation is currently targeted to be completed in the first half of calendar 2019, subject to final approval by the company’s Board of Directors.
In this newly created position, Murray will work closely with members of VF’s senior leadership team to elevate The North Face brand’s footwear product strategy, and more.
The Altra brand is currently sold in 55 countries through more than 1,600 specialty retail locations and a branded e-commerce platform.
In this newly created position, Velia Carboni will now be responsible for the integration of new digital capabilities into all aspects of business across VF and its brands.
The company’s after-tax net loss from discontinued operations was $17 million in the fourth quarter of 2017, which includes the operating results of the Nautica brand business.
Icebreaker has 340 full-time employees and its products are sold in 47 countries through wholesale channels and branded retail and e-commerce platforms.
The North Carolina-based company’s 2017 revenue is now expected to increase about 6 percent on a reported basis to approximately $12.1 billion.
The acquisition combines Williamson-Dickie’s brands, including Dickies, Workrite, Kodiak, Terra, and Walls with VF’s current workwear offerings.
The company has also announced that Eric Wiseman will retire as executive chairman of the Board and as a director of VF Corporation, effective October 28.
Two of the company’s core brands, The North Face and Vans, saw growth in the Americas during the quarter, as did its direct-to-consumer platforms.
The 2021 strategic growth plan addresses the quickly changing market landscape with a measurable goal of delivering top shareholder returns.
The apparel company is predicting a slight increase in overall revenues for 2017 as it continues to adapt to shoppers’ changing behaviors.
VF will commit to, among other things, increasing the number of women in senior operating roles, with the near-term goal of at least 30 percent representation in all leadership groups.
Salzburger will remain in his current position through the first quarter of 2017 when he will become a special adviser to the chief executive officer.