VF Names Interim CEO As Steve Rendle Retires, Cuts Annual Outlook; Stock Down In Pre-market

(RTTNews) - VF Corporation (VFC), apparel and footwear firm, said on Monday that the company's Chairman, President and Chief Executive Officer Steve Rendle has decided to retire.

Subsequently, the brand owner has named Benno Dorer, Lead Independent Director of the VF Board, as Interim President and CEO, with immediate effect.

Richard Carucci, a director on the Board since 2009, will work as Interim Chairman of the Board.

The company said that it has commenced a hunt for a candidate for the role of new CEO.

In addition, VF has revised down its 2023 outlook to reflect the impact of weaker than anticipated consumer demand across its categories, primarily in North America.

For the full-year, the apparel company now expects its adjusted EPS of $2-$2.20, compared with the previous outlook of $2.40-$2.50. Twenty-one analysts, on average, polled by Thomson-Reuters expect the firm to report EPS of $2.4, for the year. Analysts' estimates typically exclude one-time items.

For 2023, the company now forecasts total revenue to increase 3-4 percent, lower than 5-6 percent guided earlier. Analysts, on average, forecast the company to report revenue of $11.69 billion.

VFC was trading down by 6.68 percent at $33.22 per share in pre-market on the New York Stock Exchange.