Dec 5 (Reuters) - VF Corp on Monday announced Chief Executive Officer Steve Rendle's retirement and named its lead independent director Benno Dorer as interim CEO effective immediately.
Rendle, who was also chairman of the board, served as CEO for nearly six years and has been with the apparel and footwear maker for about 25 years.
The Vans sneaker maker said it has started looking for a permanent CEO and named Richard Carucci as interim chairman of the board.
Dorer joined VF Corp's board in 2017 and has served as the company's lead independent director since 2021.
Shares of the company fell about 7% in premarket trade as it also cut its annual 2023 forecasts citing weaker-than-anticipated demand across categories, primarily in North America, which has resulted in higher discounts.
The company now expects annual revenue to increase by 3% to 4% in constant dollar, compared with its previous growth forecast of 5% to 6%.
It also lowered its adjusted profit per share forecast for a second time in as many months to between $2.00 and $2.20, compared with its prior outlook of $2.40 to $2.50 (Reporting by Granth Vanaik in Bengaluru Editing by Vinay Dwivedi)
