Kontoor Brands, headquartered in Greensboro, North Carolina, has announced the appointment of Joe Alkire as the new Chief Financial Officer, succeeding Rustin Welton, who is retiring. Welton has served as CFO of the denim retailer since its spin-off from VF Corporation in 2019.
Alkire, who is slated to take over as CFO and Executive Vice President on August 31, was most recently the CFO of BrüMate, a private-equity-backed drinkware retailer. He has previous experience as Vice President of Corporate Development, Treasury, and Investor Relations for VF, and earlier in his career, he worked as an investment banking and equity research analyst at William Blair & Company.
Kontoor CEO Scott Baxter acknowledged Welton’s contributions to improving the company’s financial position and providing valuable advice since its inception. Baxter also emphasized that Alkire’s industry experience and success with disruptive brands make him the right choice to lead and partner strategically as the company focuses on accelerated growth.
Alkire’s career commenced as a senior associate in real estate capital markets with Pricewaterhouse Coopers. He holds an MBA from The University of Chicago Booth School of Business and a Bachelor of Science from Indiana University’s Kelley School of Business.
These leadership changes are occurring as Kontoor navigates a challenging business environment, as mentioned by Baxter in an August 3 earnings call. While the company’s second-quarter performance was aligned with expectations, Kontoor has undertaken restructuring actions to curtail non-strategic expenses and enhance operational efficiency.
Additionally, Kontoor has been focusing on its environmental impact, introducing the Global Design Standards initiative to reduce climate impact by decreasing greenhouse gas emissions, water and chemical usage, and assessing worker health.
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