Vans sneakers maker VF taps Logitech’s Bracken Darrell as CEO
2023.06.20 09:07
© Reuters. Chief Executive Officer Bracken Darrell of the computer peripherals maker Logitech addresses a news conference in Zurich, Switzerland March 6, 2019. REUTERS/Arnd Wiegmann
(Reuters) -VF Corp on Tuesday appointed former Logitech (NASDAQ:) boss Bracken Darrell as its new CEO, at a time when the footwear and apparel maker is struggling with sluggish demand for its Vans sneakers and Timberland boots.
Darrell stepped down as head of computer accessories maker Logitech International after a 10-year stint last week, and will take charge at VF on July 17.
At Logitech he was credited with a turnaround through faster launches of new products and improved design. Darrell has previously worked at Procter & Gamble (NYSE:), Whirlpool Corp (NYSE:) and General Electric (NYSE:).
VF in May saw a 7% drop in fourth-quarter sales in the Americas region and projected annual revenue and profit below Wall Street estimates, as inflation-weary shoppers in North America cut back spending on apparel and other discretionary items.
The company’s former CEO Steve Rendle retired in December 2022, after nearly six years at the top job and about 25 years with the company, with lead independent director Benno Dorer named interim CEO.
Dorer will remain a board member, while interim chair Richard Carucci will assume the role permanently, VF Corp (NYSE:) said.
