As the latest athletic and outdoor footwear chief to leave the helm, Steve Rendle is leaving his position as chairman, president and CEO of VF Corporation.
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In the interim period, as the company searches for a successor, Benno Dorer, the lead independent director of the VF Corp board, has been named interim president and CEO.
After the announcement, shares of VF Corp fell 8 percent, other athletic retail stocks, including Adidas, Nike and Under Armour, also followed suit.
In 2023, VF expects revenue to increase by 3 percent to 4 percent, down from its previous estimate. According to current estimates, adjusted diluted EPS will range from USD 2.00 to USD 2.20 for the full year.
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A lack of stability in the industry led to frequent changes in CEOs and high-ranking executives in the athletic retail sector last year. There have been tensions surrounding controversial partners as leading brands like Nike and Adidas pull out of wholesale retailers in favor of their own direct-to-consumer channels.