VF Corp on Monday announced chief executive Steve Rendle’s retirement and named its lead independent director Benno Dorer as interim chief executive effective immediately.

Rendle, who was also chairman of the board, served as chief executive for nearly six years and has been with the apparel and footwear maker for about 25 years.

The Vans sneaker maker said it has started looking for a permanent chief executive and named Richard Carucci as interim chairman of the board.

Dorer joined VF Corp’s board in 2017 and has served as the company’s lead independent director since 2021.

Shares of the company fell about 7 percent in premarket trade as it also cut its annual 2023 forecasts citing weaker-than-anticipated demand across categories, primarily in North America, which has resulted in higher discounts.

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 forecast for a second time in as many months to between $2.00 and $2.20, compared with its prior outlook of $2.40 to $2.50.

By Granth Vanaik; Edited by Vinay Dwivedi

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