- Bracken Darrell has been named president and CEO of VF Corporation after ten years as CEO of computer manufacturer Logitech International S.A., VF announced Tuesday.
- Darrell succeeds board member Benno Dorer, who held the top spot in an interim capacity since December 2022 when Steve Rendle unexpectedly retired after 25 years with the company, nearly six of which were as CEO.
- Darrell’s hire comes as VF tries to find its footing with new executives at some of its key brands after experiencing decreased revenues.
Darrell will start at VF July 17, per a Form 8-K filed with the U.S. Securities and Exchange Commission.
At Logitech, Darrell was credited for turning around the business by expanding into new categories and improving market share through new products, per the release on his hire.
Prior to Logitech, Darrell held various leadership roles at Procter & Gamble, where he was president of Braun globally, the Whirlpool Corporation where he was President of EMEA, and General Electric. At P&G, he led the turnaround of the Old Spice brand, according to the release.
“[Darrell] is a transformational and visionary business leader with a strong track record of performance across multiple industries,” Richard Carucci, who was appointed to chair of VF’s board along with Darrell’s hire, said in the release. “Throughout his career, he has demonstrated an outstanding ability to enhance design capabilities, delight consumers, and accelerate revenue growth and margin expansion… We are highly confident that under Bracken’s leadership, VF will achieve new levels of success that will make its associates, investors, and stakeholders proud.”
VF also added a position to its board for Darrell, who will serve ex officio as a member of its finance committee beginning in August, according to the 8-K. Darrell’s base salary is $1.3 million.
Some of the key brands in VF’s broad portfolio saw revenue declines in its most recent fiscal year, notably Supreme, its semi-recently acquired streetwear brand. It netted $523.1 million compared to $561.5 million the year prior. Revenues for Vans and Timberland were down 12% and 2%, respectively. North Face, however, saw a revenue increase of 11%.
Analysts for Wedbush Securities note that the biggest question mark for Darrell’s hire is a lack of footwear and apparel experience. The industry has unique challenges like long product development cycles and shifting consumer trends.
“Mr. Darrell does have a lot on his plate upon taking the job, as turning around Vans is probably first and foremost priority, while also navigating an increasingly challenging consumer environment and working with CFO Matt Puckett to clean up an over-leveraged balance sheet,” Wedbush analysts wrote in the report.
Darrell’s hire at VF is another example of a fashion company adding executives without prior fashion experience to its C-suite. VF was previously known to groom internal candidates for such positions.