William Johnston "Billy" Armfield IV (November 3, 1934 – July 11, 2016) was an American textile business executive and philanthropist.

[1] He was educated at Woodberry Forest School in Virginia where he played football and golf, was captain of the varsity soccer team, and was a member of the German club and monitor board.

[2] He graduated from Woodberry in 1952 and earned a Bachelor of Science degree in business administration from the University of North Carolina at Chapel Hill in 1956.

In 1996, Armfield left Unifi and founded Spotswood Capital, a private investment firm in Greensboro, serving as its president until his death in 2016.

In 2008, the Armfields, along with Sam and Betsy Reeves, launched the Armfield-Reeves Innovation Fund at the University of North Carolina at Chapel Hill.

As a resident of Figure Eight Island, he was one of the founders of the Eagle Point Golf Club in Wilmington, North Carolina.