VF names Benno Dorer as interim CEO, lowers FY23 outlook

VF Corporation has named BRUNO Dorer, lead independent director of the board as interim president and chief executive officer, effective immediately.

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

Dorer’s appointment follows Steve Rendle’s decision to retire from his position as chairman, president and chief executive officer.

“The board thanks Steve for his many contributions and leadership during his nearly six years as CEO and nearly 25 years with VF. 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,” said Dorer in a statement.

“We are fortunate to have BRUNO lead VF while the board conducts a search 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,” added Carucci.

VF appoints Bruno Dorer as interim CEO

BRUNO Dorer joined the VF board in 2017 and has served as 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 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 executive leadership 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 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 his role as CEO, Dorer served as executive vice president and chief operating officer of Clorox from January 2013 through November 2014, and in various senior vice president and general manager roles before that.

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.

VF lowers FY23 outlook

VF is revising its FY23 outlook 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.

Also impacting the outlook, the company further said, are the higher than expected impacts from inflation on consumer discretionary spending in Europe and ongoing Covid-19 related disruption in China.

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

Adjusted diluted EPS for the full year is now expected to be 2 dollars to 2.20 dollars, versus 3.18 dollars in the prior year and compared to the previous outlook of 2.40 dollars to 2.50 dollars.