Steve Rendle is officially stepping down as CEO of the Vans, Supreme, Timberland and The North Face parent company, VF Corporation. The news comes after the company reported lowered revenue and earning expectations in the second half of the fiscal year.
In a press release, VF Corporation announces a CEO transition as Rendle retires as Chairman, President, and Chief Executive Officer. Benno Dorer has been appointed Interim President and CEO, effective immediately. Richard Carucci, a director on the Board since 2009, will now serve as Interim Chairman of the Board. Dorer released a quote on behalf of the company regarding Rendle's retirement stating, "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 endeavors."
CNBC has reported that the company fell 11% to $29.51 USD when the market closed on Monday. Credit Suisse also downgraded the stock to a "neutral" rating in light of the "abrupt" CEO transition. VF Corp. now expects its full-year revenue to increase by 3% or 4%, which is still down from the previously projected growth of 5% or 6%. It also estimates that its full-year earnings will come in at about $2.00 USD to $2.20 USD per share, down from previous guidance of $2.40 USD to $2.50 USD, announced a few weeks ago. Last year, VF Corp. reported full-year earnings of $3.18 USD per share.
VF Corporation is actively looking for a CEO to replace Rendle.
In other fashion news, Stella McCartney and Yoshitomo Nara reveal second genderless capsule.
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