8 December 2022
VF Corp’s CEO, Steve Rendle, took the athletic and casual market by surprise when he announced his departure from the company on Monday, December 4.
The reasons for Rendle’s departure have not been clarified, but the board did not waste time an appointed Benno Dorer, a board director, as interim president and CEO, effective immediately, as the company starts the search for a successor.
As chairman, president and CEO of VF Corp, Rendle had been a company veteran of twenty-five years. Last month, well before his departure, important board changes had been implemented at VF Corp’s brands. These changes were Nicole Otto as The North Face’s global brand president, Kevin Bailey as Vans’ global brand president and Marissa Pardini as chief product and merchandising officer.
During his six years at the head of the company, Rendle had overseen substantial growth but as a result of the pandemic, the company was facing headwinds such as lower sneaker and sportswear demand in the US, high inventory costs and foreign exchange challenges.
A combination of these factors prompted VF to lower its earnings estimates for 2023 by 3% to 4%.