Sneaker maker Vans VF Corp says CEO will retire, appoints Dorer as interim director, Retail News, Retail ET
VF joint stock company announced on Monday the retirement of Chief Executive Steve Rendle and the appointment of its top independent director. Benno Dore as the interim CEO effective immediately.
Rendle, also chairman of the board, served as CEO for nearly six years and has been with the apparel and Footwear manufacturer for about 25 years.
The truck Sneaker maker says it has begun looking for a permanent CEO and naming Richard Carucci as interim chairman of the board of directors.
House joined the board of VF Corp in 2017 and has served as the company’s top independent director since 2021.
The company’s shares fell about 7% in premarket trading as the company also cut its annual forecast for 2023 citing weaker-than-anticipated demand across categories, mainly in North America, leading to a higher discount.
The company now expects annual revenue to grow between 3% and 4% in constant dollar terms, compared with a previous growth forecast of 5% to 6%.
It also lowered its adjusted earnings per share forecast for the second time in as many months to $2.00 to $2.20, from its previous outlook of $2.40 to $2.50. dollars.
