VF Corporation CEO Steve Rendle Announces Retirement

VF Corporation, the parent company of brands such as The North Face, Vans, and Supreme, recently announced the retirement of its CEO, Steve Rendle. The company will appoint Benno Dorer, Lead Independent Director of the VF Board of Directors, as Interim President and Chief Executive Officer and initiate the search for a new CEO.

Steve Rendle has served VF Corporation for over 25 years and was promoted to CEO six years ago. During his tenure, he led various strategic reforms within the company, including the $2.1 billion acquisition of the streetwear brand Supreme in 2020. Following the announcement, VF Corporation's stock price fell by 11.2% in after-hours trading, with a market value of approximately $11.5 billion.

ConCall:

After rising through the ranks at The North Face for 11 years and then becoming the CEO of VF Corporation, Steve Rendle's strategic direction skewed toward The North Face, which to some extent explained the brand's role as the growth engine of the company. 

In the second fiscal quarter ending October 1, VF Corporation's revenue dropped by 4% year-over-year to $3.1 billion, and Vans' revenue plummeted by 13% to $952 million. Only The North Face and other segments, including Supreme, showed growth, while the company's revenue in all global markets experienced single-digit declines. 

The uneven development of its brands has become a significant challenge for VF Corporation, and the waning market excitement around Supreme is an undeniable fact. VF Corporation must recognize that relying solely on The North Face is not enough to support its market ambitions, and rejuvenating brands like Vans to regain market attention is a top priority.