VF Corporation appoints interim CEO
VF Corporation, the owner of The North Face, Vans and Timberland, has appointed Benno Dorer as interim president and chief executive.
Dorer is currently lead independent director of the VF board of directors.
The move follows Steve Rendle’s decision to retire from his position as chairman, president and chief executive,
Meanwhile Richard Carucci, a director on the board since 2009, will serve as interim chairman.
The company said it has commenced a search for a permanent chief executive that will include both internal and external candidates.
Dorer said: “The board thanks Steve for his many contributions and leadership during his nearly six years as CEO and nearly 25 years with VF. 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.”
Carucci added: “We are fortunate to have Benno lead VF while the Board conducts a search for a permanent CEO. He knows VF extremely well and has an excellent track record of generating strong business results in a global consumer portfolio business.”
VF has also announced that it is revising its full year outlook due to weaker than expected demand across its categories, primarily in North America. The company has also been impacted to a lesser degree by inflation related pressure on consumer discretionary spending in Europe and ongoing COVID-19 related disruption in China.
VF now expects total revenue growth in the second half of FY23 to be modestly lower than previously outlined, with revenue for the full year expected to increase by 3% to 4% in constant dollars compared to a previous guidance of up 5% to 6% in constant dollars.
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