VF Corp CEO Steve Rendle retires; Benno Dorer appointed interim CEO; FY23 guidance cut

V F CORP

Steve Rendle retired as Chairman, President and CEO by mutual agreement; interim CEO Benno Dorer appointed.
Richard Carucci named Interim Chairman; search for permanent CEO launched, internal and external candidates.
FY23 revenue growth outlook lowered to 3%-4% constant-currency (prior 5%-6%); adj. EPS now $2.00-$2.20 (prior $2.40-$2.50).
Guidance cut reflects weaker North American demand, elevated promotions, order cancellations, inflation in Europe, COVID disruption in China.
Dorer’s interim CEO compensation: $1.3M base salary + $2M time-vesting RSU; Rendle gets base salary through Dec 2 and one-year non-compete payments.

item 5.02 item 7.01 item 9.01

Executive movements

Machine-extracted from this filing. Every card cites the SEC source. See all recent executive movements.

Appointed (interim)

Richard Carucci

Interim Chairman of the Board

VFC · V F CORP

Effective: 2022-12-02
Filed: December 5, 2022, 6:59 PM ET

Richard Carucci, a member of the Board since 2009, was appointed as Interim Chairman of the Board on the same date, effective immediately.

Appointed (interim)

Benno Dorer

Interim President and Chief Executive Officer

VFC · V F CORP

Effective: 2022-12-02
Filed: December 5, 2022, 6:59 PM ET

On December 2, 2022, the Board of Directors (the “Board”) of V. F. Corporation (the “Company”) appointed Benno Dorer, a member of the Board, as Interim President and Chief Executive Officer of the Company, effective immediately.

Departed

Steven E. Rendle

President and Chief Executive Officer and Chairman of the Board

VFC · V F CORP

Effective: 2022-12-02
Successor: Benno Dorer
Filed: December 5, 2022, 6:59 PM ET

Steven E. Rendle, who, by mutual agreement with the Board, retired as President and Chief Executive Officer of the Company and Chairman of the Board on the same date, effective immediately.

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

Richard Carucci was appointed as Interim Chairman of the Board at V F CORP.

Action: appointed
Role: Interim Chairman of the Board

Exact text from the filing

Richard Carucci, a member of the Board since 2009, was appointed as Interim Chairman of the Board on the same date, effective immediately.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Benno Dorer was appointed as Interim President and Chief Executive Officer at V F CORP.

Action: appointed
Role: Interim President and Chief Executive Officer

Exact text from the filing

On December 2, 2022, the Board of Directors (the “Board”) of V. F. Corporation (the “Company”) appointed Benno Dorer, a member of the Board, as Interim President and Chief Executive Officer of the Company, effective immediately.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Steven E. Rendle retired as President and Chief Executive Officer and Chairman of the Board at V F CORP.

Action: retired
Role: President and Chief Executive Officer and Chairman of the Board

Exact text from the filing

Steven E. Rendle, who, by mutual agreement with the Board, retired as President and Chief Executive Officer of the Company and Chairman of the Board on the same date, effective immediately.

View on SEC.gov

V F CORP filing history →

Source: SEC EDGAR

accession 0001193125-22-298025

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