“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.”

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

Coinciding with the announcement, VF said it was cutting its annual 2023 forecasts, due to weaker than anticipated consumer demand across its categories, primarily in North America. The company now expects annual revenue to increase by 3 percent to 4 percent in constant dollar, compared with its previous growth forecast of 5 percent to 6 percent.

It also lowered its adjusted profit per share to between $2.00 and $2.20, compared with its prior outlook of $2.40 to $2.50.