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After a slow year and revenue declines in its most recent reported quarter, VF Corp. has named a new president and CEO.
The company announced today that its board of directors has appointed Bracken Darrell as president and CEO, effective July 17. Darrell most recently served as president and CEO of Logitech International S.A., a position he held since 2013. With this appointment, Darrell becomes the 12th CEO in VF’s 124-year history.
“It’s an honor and privilege to have the opportunity to serve as president and CEO of VF,” Darrell said in a statement. “Like millions of people around the world, I love VF’s iconic brands. I’m so impressed by this organization’s sustained ability to keep its portfolio of brands at the forefront of culture over time during its 124-year history. I look forward to working closely with the board, leadership team and the talented associates across VF to build on the initiatives underway to strengthen business performance and drive strong and sustainable growth and shareholder value creation. I can’t wait to get to work.”
Prior to Logitech, Darrell held international leadership roles at Procter & Gamble, where he served as president of Braun, as well as the president of EMEA at Whirlpool Corp. and General Electric.
VF said in a statement that, at Logitech International, Darrell was credited with a turnaround of its business via category expansion and improved market share through new, innovative products and by making the elevation of design a pillar of its strategy. Under Darrell’s leadership, VF said Logitech expanded into more than 20 new product categories, “more than doubled revenue and achieved a tenfold increase in market capitalization.”
Describing Darrell’s focus, VF said he is a “purpose-driven leader who emphasizes the importance of social responsibility, including environmental sustainability.” While at Logitech, VF said he wove social responsibility into its strategy and “built its reputation as a sustainability leader within the tech industry.” VF also stated Darrell is focused on workplace equity.
Aside from Darrell’s appointment, VF announced that Richard Carucci — who has been a VF board member since 2009 and the interim chair of the board during the company’s leadership transition period — has been named board chair.
“We conducted an extensive search and determined that Bracken has all the attributes to excel in this role,” Carucci said in a statement. “He is a transformational and visionary business leader with a strong track record of performance across multiple industries.”
Darrell will replace interim president and CEO Benno Dorer, who has held the role since Dec. 5, 2022. Dorer, who has been a member of VF’s board since 2017, will remain on the board. Dorer assumed control in December 2022 from Steve Rendle — a longtime VF veteran, who had been with the company since 2009 — after his decision to retire from his position as chairman, president and CEO.
The moves occur during a slowdown for VF. In May, the company reported revenues of $11.6 billion for fiscal 2023, down 2 percent from the year prior (up 3 percent in constant dollars). In its most recent reported quarter, VF reported revenues of $2.7 billion, down 3 percent over the year prior (flat in constant dollars). Dorer said in May that fiscal year 2024 would be a transitional year for VF to set it up for profitable growth in 2025 and beyond.
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