VF Appoints Bruno Dorer as Interim CEO, Lowers FY23 Outlook

VF Corporation has appointed Benno Dorer, Independent Lead Director of the Board, as Interim President and CEO, effective immediately.

The company added that Richard Carucci, a director of the board since 2009, will serve as interim chairman of the board.

Dorer’s appointment follows Steve Rendle’s decision to step down as chairman, president and chief executive officer.

“The Board thanks Steve for his many contributions and leadership over his nearly six years as CEO and nearly 25 years at VF. Steve’s commitment to the business, passion for building strong brands and a focus on culture have helped VF evolve our portfolio of strong active lifestyle brands and establish VF as a purpose-driven company,” Dorer said in a statement.

“We are fortunate to have Benno at the helm of VF while the board searches for a permanent CEO. He knows VF extremely well and has an excellent track record of driving strong business results across a global consumer product portfolio,” added Carucci.

VF appoints Bruno Dorer as interim CEO

Benno Dorer joined VF’s board in 2017 and has been the lead independent director since 2021.

Commenting on his new role as interim CEO, Dorer said, “VF has iconic brands in attractive growth categories, deep consumer and customer relationships, and significant competitive advantages as a holding company. I look forward to working closely with the VF Board and management team to drive profitable growth across our portfolio as the Board identifies the right leader for the next chapter. of the company.

He is a member of the board of directors of Origin Materials, Inc. He was executive chairman of the board of directors of The Clorox Company from September 2020 to February 2021, chief executive officer of Clorox from November 2014 to September 2020 and chairman of the board administration. of Clorox from August 2016 to September 2020.

Prior to his role as CEO, Dorer served as executive vice president and chief operating officer of Clorox from January 2013 to November 2014, and held various senior vice president and general manager positions prior to that.

Prior to joining Clorox in 2005, he worked for The Procter & Gamble Company in various marketing and sales roles in the United States and Europe since 1990.

VF lowers its outlook for FY23

VF is revising its FY23 outlook to reflect the impact of weaker-than-expected consumer demand across its categories, primarily in North America, resulting in a higher-than-expected promotional environment as well as event cancellations. orders in the wholesale channel to manage trade inventory.

The company added that the impacts of inflation on consumer discretionary spending in Europe and the ongoing Covid-19-related disruptions in China are also impacting the outlook.

VF now expects total revenue growth in the second half of FY23 to be slightly lower than previously reported, with full-year revenue expected to grow 3% to 4% in constant dollars compared to previous forecasts of 5% to 6% in constant dollars.

Adjusted Diluted EPS for the full year is now expected at $2 to $2.20, down from $3.18 a year ago and from the previous outlook of $2.40 to $2.50 .

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