VF Corporation has officially separated from Reef and sold it to Rockport Group for an undisclosed sum, surfing news site Shop Eat Surf reported yesterday based on a Press release from the seller.

While it was originally announced that the company's operations would not undergo any major changes, according to the statement, Reef's current president, Roger Spratz, who is also president of Eagle Creek (a brand owned by VF, will remain with VF) and Rockport will now be looking for a new president.

VF Corporation is comprised of 30 brands, including Jansport, Vans, Timberland and Altra. Steve Rendle, the company’s president and chief executive, said: “With these strong foundations in place, we are now ideally positioned to create two independent, leading, global companies. In alignment with our strategic plan, the decision to separate these businesses will allow VF to sharpen its focus as a consumer-centric retail organization anchored by activity-based lifestyle brands.”

Reef was founded by Argentine brothers Fernando and Santiago Aguerre in 1984, According to SGB MediaIn 2005, they sold the brand to VF Corporation for $187,7 million.