The company said Joe Alkire will succeed Welton and has been appointed Executive Vice President and Chief Financial Officer, effective August 31, 2023.

Alkire will have responsibility for enterprise strategy, corporate development, financial planning and analysis, accounting, investor relations, tax, treasury, internal audit and information technology.

He will report to Kontoor's President, Chief Executive Officer and Chair of the Board, Scott Baxter.

Alkire joins Kontoor from BrüMate Inc, a high-growth private equity backed consumer products company, where he served as Chief Operating Officer and Chief Financial Officer.

To ensure a smooth and effective transition, Welton will continue at Kontoor in an advisory position through year-end.

Price Action: KTB shares closed higher by 1.12% at $49.51 on Friday.