Steve Rendle has stepped down as president, chairman and chief executive officer of VF Corp., which has seen its largest brands — Vans — stumble and cut its profit outlook for the fourth time this year.
Dorer said: “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.”
Rendle said: “It has been an honor 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.” VF revised its outlook for the year, noting the change was “largely to reflect the impact of weaker than anticipated consumer demand across its categories, primarily in North America, which is resulting in a more elevated than expected promotional environment as well as order cancellations in the wholesale channel to manage trade inventories.”
The company is now expecting revenues this year to rise by 3 percent to 4 percent in constant dollars, down from the 5 percent to 6 percent increase previously seen. Earnings per share are now slated to come in at $2 to $2.20, down from $3.18 last year and the $2.40 to $2.50 previously seen.Tags
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