V.F. Corporation (NYSE:VFC) shares fell more than 11% since the company announced on Monday that its Chairman, President and CEO, Steve Rendle, will retire. Benno Dorer, Lead Independent Director of the Board of Directors, will serve as an Interim President and CEO, effective immediately.
The company also lowered its fiscal 2023 outlook due to weaker-than-anticipated demand, mainly in North America. The company now expects revenues to grow in the range of 3%-4%, compared to the prior guidance of 5%-6%. EPS is expected to be in the range of $2.00-$2.20, compared to the previous guidance of $2.40-$2.50.
Management noted that softness has been seen across all categories, but the analysts at Deutsche Bank think trends at The North Face remain solid with guidance for that brand likely intact (up at least 12%).