VF Corp. CEO Steps Down After Guidance Cut — Retail Bum

Steve Rendle, the CEO, chairman, and president of VF Corp., has unexpectedly stepped down from his position effective immediately.

Rendle’s departure comes at a time when the company is facing a decline in demand across various categories, channels, and regions. The company’s performance in North America, in particular, has been weaker, which has led to higher promotional activity and wholesale order cancelations.

To top that off, the impact of inflation on spending in Europe and ongoing COVID-19-related disruptions in China are impacting the company’s future outlook.

VF Corp., which owns brands such as Dickies, Supreme, The North Face, and Timberland, has already slashed its full-year guidance, although it is still keeping its long-term targets.

“There’s legitimate concern over the state of the company’s balance sheet right now,” said Wedbush analyst Tom Nikic.

With Rendle out of the company, VF Corp. has appointed Benno Dorer, its board’s lead independent director, as its interim president and chief executive. Meanwhile, board member Richard Carucci is now serving as interim board chair.

“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,” Dorer said.

Rendle spent some 25 years with VF Corp., serving the last six as its chief executive.

Originally published at https://retailbum.com on December 6, 2022.