VF Corp., owner of the Vans and Supreme brands, named Bracken Darrell as chief executive officer as the company contends with softer sales growth.
(Bloomberg) — VF Corp., owner of the Vans and Supreme brands, named Bracken Darrell as chief executive officer as the company contends with softer sales growth.
Darrell, 60, the former CEO of Logitech International, will take over on July 17, the apparel company said in a statement. Prior to Logitech, Darrell held leadership roles at Procter & Gamble, Whirlpool and General Electric.
Former CEO Steve Rendle, 63, retired in December and the company slashed its full-year sales forecast. Board member Benno Dorer had been serving as interim chief executive.
Shares of VF were up less than 1% as of 9:53 a.m. in New York.
Darrell will lead VF as it works to boost performance, particularly at Vans, its largest brand. The company said in October that wholesale partners were canceling orders more often due to an “increasingly cautious” approach to consumer demand. It also cut its dividend in February in an effort to reduce its debt burden.
Read More: Apparel Factories Fret at Signs of Looming Plunge in US Sales
Like VF, other apparel and footwear retailers have been appointing executives from other industries, likely an attempt to bring fresh perspectives to companies that have struggled with supply chain challenges and brand relevancy in recent years. That includes Under Armour’s appointment of Stephanie Linnartz a former Marriott executive, and Foot Locker’s appointment of Mary Dillon, who came from Ulta Beauty.
VF’s announcement leaves Gap Inc. as the only major US apparel retailer without a permanent CEO. Gap has been searching for a new chief executive officer for nearly a year, after it ousted Sonia Syngal last July.
Denver-based VF, which was founded in 1899, also owns The North Face, Timberland and Dickies, among others.
(Updates with shares in fourth paragraph, Gap CEO search in seventh paragraph.)
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