VF Corp Announces Bracken Darrell as New CEO
VF Corp, the parent company of Vans sneakers and Timberland boots, has named Bracken Darrell, the former CEO of Logitech International, as its new chief executive. The appointment comes as VF Corp grapples with sluggish demand for its iconic footwear brands.
Darrell’s Successful Track Record at Logitech
Bracken Darrell is recognized for his achievements during his tenure as CEO of Logitech, where he spearheaded a successful turnaround through accelerated product launches and improved design strategies. His experience spans renowned companies such as Procter & Gamble, Whirlpool Corp, and General Electric.
VF Corp’s Challenges in Sales and Outlook
VF Corp reported a 7% decline in fourth-quarter sales in the Americas region, reflecting weak consumer demand. The company’s projected annual revenue and profit fell below expectations, as inflation concerns led North American shoppers to curtail spending on apparel and discretionary items.
Leadership Transition from Steve Rendle to Interim CEO
Former VF Corp CEO Steve Rendle retired in December 2022 after a long tenure with the company. Benno Dorer, the lead independent director, assumed the role of interim CEO. Dorer will continue as a board member, while Richard Carucci takes on the permanent position of chair.
Darrell’s Appointment to Drive Revitalization Efforts
Bracken Darrell’s appointment as CEO signals VF Corp’s strategic focus on revitalizing its brands, particularly Vans sneakers. With his proven leadership capabilities and experience in driving product innovation and design, Darrell aims to steer the company towards growth and increased consumer appeal.
VF Corp’s Future Direction and Executive Structure
As Bracken Darrell assumes the CEO position on July 17, Richard Carucci becomes the permanent chair of VF Corp. The company looks ahead to a new phase under this leadership structure, with a focus on overcoming challenges and delivering long-term success.