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VF Corporation Announces Chief Executive Officer Transition

VF Corporation (NYSE: VFC) today announced that Benno Dorer, Lead Independent Director of the VF 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 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.”

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 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.”

Carucci said, “We are fortunate to have Benno 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.”

“It has been an honor to lead VF as CEO over the last five years,” said Rendle. “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.”

FY23 Financial 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. 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.

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VF Corporation Announces Chief Executive Officer Transition VF Corporation (NYSE: VFC) today announced that Benno Dorer, Lead Independent Director of the VF Board of Directors, has been named Interim President and Chief Executive Officer, effective immediately. Richard Carucci, a director on the Board since …

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