Steve Rendle retires as VF Corp CEO, interim chief named
VF Corp announced on Monday that chairman, president and chief executive officer Steve Rendle will retire and named its lead independent director Benno Dorer as interim chief executive, effective immediately.
Likewise, Richard Carucci, a director on the board since 2009, will serve as interim chairman of the board.
The company, which owns brands like Vans, Supreme, The North Face, Timberland, and Dickies, said that it has commenced a search for a permanent chief executive officer. It is working with an executive search firm to support its evaluation of internal and external candidates.
“The board thanks Steve for his many contributions and leadership during his nearly six years as CEO and nearly 25 years with VF,” said Dorer. “Steve’s commitment to the business, passion for building strong brands and focus on culture have helped VF evolve our portfolio of strong active-lifestyle brands and establish VF as a purpose-led company. We wish Steve well in his future endeavors.”
“It has been an honor to lead VF as CEO over the last five years,” added Rendle. “I depart with the deepest gratitude for the extremely talented and dedicated global team at VF. I remain as confident as ever in VF’s tremendous potential and look forward to watching the company’s continued success.”
Coinciding with the announcement, VF said it was cutting its annual 2023 forecasts, due to weaker than anticipated consumer demand across its categories, primarily in North America. The company now expects annual revenue to increase by 3 percent to 4 percent in constant dollar, compared with its previous growth forecast of 5 percent to 6 percent.
It also lowered its adjusted profit per share to between $2.00 and $2.20, compared with its prior outlook of $2.40 to $2.50.
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