Chief executive Rendle leaves VF Corporation
Clothing and footwear group VF Corporation has announced that its chief executive, Steve Rendle, has decided to retire from his position with immediate effect.
Benno Dorer, an independent director on the group’s board, will be interim chief executive. VF said its search for a new, permanent chief executive had already begun.
For his part, Mr Rendle said it had been an honour to lead VF for the last five years. He said he remained “as confident as ever in VF’s tremendous potential”.
The group, whose brands include The North Face, Timberland and Vans, also made a statement on its outlook for its current financial year, which runs until the end of March.
Having predicted as recently as October 26 that it would achieve growth of 5% or 6% for the full financial year, it has now lowered this predicted figure to 3% or 4%. Explaining its reasons for this adjustment, VF said it was a reflection of “weaker-than-anticipated consumer demand across its categories, primarily in North America, order cancellations in the wholesale channel to manage trade inventories, higher-than-expected impacts from inflation on consumer discretionary spending in Europe, and ongoing covid-19-related disruption in China.”
