secwatch.observer — SEC 8-K summary
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Issuer:     V F CORP (VFC)
CIK:        0000103379
Form:       8-K
Filed at:   2022-12-05T23:59:59+00:00
Accession:  0001193125-22-298025
Event type: leadership
Sentiment:  negative
Materiality: 0.85
Item codes: 5.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/103379/000119312522298025/0001193125-22-298025-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/103379/000119312522298025/d428721d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-22-298025

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