VF names Bruno Dorer as interim CEO, lowers outlook for FY23

VF Corporation has appointed Benno Dorer, lead independent director, as interim president and CEO, effective immediately.

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

Dorer’s appointment follows Steve Rendle’s decision to step down from his position as chairman, president and CEO.

“The Board thanks Steve for his many contributions and leadership during his nearly six years as CEO and nearly 25 years at VF. Steve’s commitment to the business, passion for building strong brands and focus on culture have helped VF develop 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 to lead VF while the board searches for a permanent CEO. He knows VF extremely well and has an excellent track record of generating strong business results in a global consumer portfolio business,” Carucci added.

VF appoints Bruno Dorer as interim CEO

Benno Dorer joined the VF board in 2017 and has served as the lead independent director since 2021.

Dorer commented on his new role as interim CEO: “VF has iconic brands in attractive growth categories, deep relationships with consumers and customers, and significant competitive advantages as a portfolio company. I look forward to working closely with the board and VF’s management team to drive profitable growth across our portfolio while the board identifies the right leader for the company’s next chapter.”

He is a member of the Board of Directors of Origin Materials, Inc. He served as Executive Chairman of The Clorox Company from September 2020 to February 2021, CEO of Clorox from November 2014 to September 2020, and Chairman of Clorox from August 2016 to September 2020.

Prior to his role as CEO, Dorer served as Executive Vice President and CEO of Clorox from January 2013 to November 2014, and in various senior vice president and general manager roles prior to that.

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

VF lowers FY23 outlook

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 advertising environment as well as order cancellations in the wholesale channel to manage trade inventories.

The company further said that the higher-than-expected impacts of inflation on consumer spending in Europe and ongoing Covid-19-related disruptions in China also affect the outlook.

VF now expects total revenue growth in the second half of FY23 to be modestly lower than previously outlined, with full-year revenue expected to increase 3 percent to 4 percent in constant dollars compared to previous guidance of up 5 percent to 6 percent in constant dollars dollars.

Full-year adjusted diluted EPS is now expected to be $2 to $2.20, up from $3.18 a year ago and compared to a previous outlook of $2.40 to $2.50.

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