NEW YORK (Reuters) - Engaged Capital's Chris Hetrick says the firm has built a position in apparel brand owner VF Corp (NYSE:VFC) and says the company is mismanaged and that its stock price could triple if those issues are addressed.
Hetrick said the company's business can likely be turned around and said the North Face brand is very healthy globally and that the Vans brand has lost "heat" but can be repaired. He spoke at the 13D Monitor Active Passive Investment Summit.
The stock price jumped nearly 10% on news the activist investor is involved. The company could not be immediately reached for comment.
Hetrick said the stock price could jump to $46 with changes; "what is needed is aggressive execution."
He said the company should evaluate boosting its non-core asset divestment program as well as consider taking offers for all the company's brands except Vans and The North Face.
He also said a cut in the dividend should be considered and other cost cuts are needed.