The previously announced plan to distribute shares in the jeans business was approved by the VF board with a ratio of one share in Kontoor for every seven shares of VF. Fractional shares will be sold in the open market and the cash distributed to each shareholder. Stock in Kontoor is expected to begin trading May 22. Long-time head of the jeans division Scott Baxter will become CEO of the new company, which includes the Lee and Wrangler brands, and the jeans business CFO Rustin Welton, will remain in that capacity with the spin-off.

With the spin-off, VF will now become ... Log in to view full article.