VF Corp names Benno Dorer as interim CEO

VF Corporation has announced that Benno Dorer, lead independent director of the VF board, has been named interim president and CEO, effective immediately. His appointment follows Steve Rendle’s decision to retire from his position as chairman, president and CEO. The company, which owns brands including Vans and the North Face, said it has now started a search for a permanent CEO, using a leading executive search firm to support it in finding a candidate. Richard Carucci, a director on the board since 2009, will serve as interim chairman following the move. 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. We wish Steve well in his future endeavours. “VF has iconic brands in attractive growth categories, deep relationships with consumers and customers, and significant competitive advantages as a portfolio company. I look forward to working closely with the board and VF’s executive leadership team to drive profitable growth across our portfolio while the board identifies the right leader for the company’s next chapter.” 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.” Rendle concluded: “It has been an honour to lead VF as CEO over the last five years. 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.” Alongside its latest announcement, VF said it is revising its FY23 outlook “largely to reflect the impact of weaker than anticipated consumer demand”, primarily in North America, where it has seen a “more elevated than expected promotional environment” as well as order cancellations in wholesale. It added that to a lesser degree, the higher than expected impacts from inflation on consumer discretionary spending in Europe and ongoing Covid-19 related disruption in China also impacted its outlook. VF now expects total revenue growth in the second half of FY23 to be “modestly lower” than previously thought, with revenue for the full year expected to increase 3% to 4% in constant dollars, compared to a previous guidance of up by 5% to 6% in constant dollars.