Steve Rendle has stepped down as president, chairman and chief executive officer of VF Corp., which has seen its largest brand — Vans — stumble and cut its profit outlook for the fourth time this year.
Lead independent director Benno Dorer has been named interim president and CEO while director Richard Carucci will serve as interim chairman of the board.
A search is underway for a permanent CEO and the company said internal and external candidates will be evaluated, a significant change for VF, a traditionally buttoned up company that has a history of promoting from within.
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“The board thanks Steve for his many contributions and leadership during his nearly six years as CEO and nearly 25 years with VF,” Dorer said. “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 endeavors.”
In addition to Vans, VF operates The North Face, Timberland and other brands, including Supreme, which Rendle acquired in 2020.
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.
The firm said it remains committed to its 2027 growth targets and capital allocation priorities.