According to reports, the chairman, president, and CEO of VF Corporation, Steve Rendle, is leaving his position, becoming the latest skateboarding lifestyle brand and skate shoes chief to quit the top role in recent months.
Benno Dorer, the lead independent director of the VF board of directors, has been named interim president and CEO, effective immediately, as the company searches for a successor to improve the world's leading portfolio of active-lifestyle brands.
The sudden Chief Executive Officer shift comes amid a generally turbulent time for VF and the skate shoes industry, which is experiencing headwinds from an increasingly promotional environment, a demand slowdown in North America, and wholesale order cancellations as brands manage inventory excesses.
Rendle, a 25-year company veteran who served as CEO for six years, steps down amid this challenging time for the company after leading during considerable growth.
"Rendle's exit is one of many management changes that seem to be taking place as the retail and consumer space becomes more turbulent," GlobalData managing director Neil Saunders told Footwear News.