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Photo: Stephen Zenner/SOPA Images/LightRocket via Getty Images

One of the world's biggest apparel companies said a board member, Veronica Wu, stepped down on Tuesday, days after emails obtained by Axios showed Wu dismissed racism in America and said Black Lives Matter activists were the "true racists."

What they're saying: VF Corp. — which owns iconic brands like The North Face, Timberland and Supreme — said Wu's decision to resign "was not the result of any disagreement with VF on any matter relating to VF’s operations, policies or practices."

  • A spokesperson said VF Corp. had no comment beyond the press release and did not respond to a question about why Wu stepped down from the board. Wu did not immediately respond to an email.
  • The company said its board would be reduced to 11 members from 12 "until a new director is identified."
  • Wu initially joined the board in 2019.

Catch up quick: “I don’t believe in Black Lives Matter. If anything I think they are the true racists trying to stir up things to make this country going [sic] to socialism or even communism potentially,” Wu wrote in part in an email exchange obtained by Axios in June 2020.

  • The email came in response to a note that Juneteenth would be recognized as a company holiday at Hone Capital, a venture capital firm where Wu served as managing partner.

Go deeper: Silicon Valley investor dismissed racism, called BLM "the true racists"

Go deeper

China builds its own movie empire

Expand chart
Data: Gower Street citing Comscore; Chart: Kavya Beheraj/Axios

China blocked all four of Disney's Marvel movies from being released in its theaters last year, a grim sign for U.S. film giants being squeezed out of the world's fastest-growing box office.

Why it matters: The Chinese Communist Party is using domestic films as a key conduit for mass messaging aimed at achieving political goals, leaving little room for foreign views.

Why 401(k) rollovers are so annoying

Illustration: Aïda Amer/Axios

If you happened to change jobs recently, you may have tried to transfer your retirement account from your former employer into an Individual Retirement Account or your new employer's 401(k) plan. If so, you probably encountered a bureaucratic gantlet — and you're not alone.

Why it matters: Kludgey processes around retirement account transfers result in people losing track of their funds, giving up important tax advantages, or otherwise disadvantaging themselves and being less prepared for retirement.

The hard math behind America's labor shortage

Data: Bureau of Labor Statistics, Congressional Budget Office; Chart: Axios Visuals

Yes, the pandemic has created unusual temporary labor market dynamics. But in the bigger picture, the 2010s were a golden age for companies seeking cheap labor. The 2020s are not.

The big picture: In the 2010s, the massive millennial generation was entering the workforce, the massive baby bo0m generation was still hard at work, and there was a multi-year hangover from the deep recession caused by the global financial crisis.