Longtime CEO of the North Face Parent Company, Steve Rendle, Resigns
VF Corporation searches for new CEO
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VF Corp., parent company of the North Face, is looking for a new leader after the sudden retirement of CEO Steve Rendle.
The parent company of the North Face announced Rendle’s retirement this week with Benno Dorer, lead independent director of the VF board of directors, temporarily stepping into the role of VF Corp.’s interim president and chief executive officer.
Rendle has been with VF Corp. for 25 years, serving as CEO for the past five.
“It has been an honor to lead VF as CEO over the last five years,” Rendle said in a statement. “I depart with the deepest gratitude for the extremely talented and dedicated global team at VF. I remain as confident as ever in VF’s tremendous potential and look forward to watching the company’s continued success.”
Dorer joined the VF board in 2017 and has served as the lead independent director since 2021. He is a member of the board of directors of Origin Materials, Inc. He served as executive chair of the board 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 of Clorox from August 2016 to September 2020. Prior to joining Clorox in 2005, he worked for the Procter & Gamble Company in various marketing and sales roles in the U.S. and Europe since 1990.
“The board thanks Steve for his many contributions and leadership during his nearly six years as CEO and nearly 25 years with VF,” said Dorer. “Steve’s commitment to the business, passion for building strong brands and focus on culture have helped VF evolve our portfolio of strong active-lifestyle brands and establish VF as a purpose-led company. We wish Steve well in his future endeavors.”
The move and search for a permanent CEO comes as VF Corp. tempers its fiscal year 2023 outlook.
“VF is revising its FY23 outlook largely to reflect the impact of weaker than anticipated consumer demand across its categories, primarily in North America, which is resulting in a more elevated than expected promotional environment as well as order cancellations in the wholesale channel to manage trade inventories,” the company said in a release. “Also impacting the outlook, but to a lesser degree, are the higher than expected impacts from inflation on consumer discretionary spending in Europe and ongoing COVID-19 related disruption in China.”
VF said it expects total revenue growth in the second half of FY23 to be lower than previously outlined, with revenue for the full year expected to increase 3 percent to 4 percent, compared to the previous guidance of up 5 percent to 6 percent.
In October VF Corp. announced the opening of 300 new stores and outlets worldwide over the next five years, including 70 new stores in North America, and in August announced the layoffs of 600 positions at the company.
VF stock fell 11 percent to $29.51 at market close December 5, the day of the announcement of Rendle’s leaving. It finished November up 16.18 percent above the end of October, from $28.25 at the October 31 close to $32.82 at the November 30 close. VF stock closed at $28.67 December 8, 2022, compared to a $77.12 close on December 8, 2021.
In addition to the North Face VF Corp. brands include Vans, Timberland, and Dickies.