VF Corporation announced that Benno Dorer, Lead Independent Director of the board of directors, has been named interim president and Chief Executive Officer, effective immediately. Richard Carucci, a director on the board since 2009, will serve as interim chairman of the board.
Dorer’s appointment follows Steve Rendle’s decision to retire from his position as Chairman, President and Chief Executive Officer. The company has commenced a search for a permanent Chief Executive Officer and has retained a leading executive search firm to support its evaluation of internal and external candidates.
“The Board thanks Steve for his many contributions and leadership during his nearly six years as CEO and nearly 25 years with the company,” 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.”
Dorer continued, “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 Executive Leadership Team to drive profitable growth across our portfolio while the Board identifies the right leader for the company’s next chapter.”
Carucci said, “We are fortunate to have Benno lead VF while the Board conducts a search for a permanent CEO. He knows the company extremely well and has an excellent track record of generating strong business results in a global consumer portfolio business.”