Shares of apparel and footwear products provider V.F. Corp. (NYSE:VFC) are tanking today on a major shakeup at the top.
VFC has appointed Benno Dorer as its interim President and CEO with immediate effect. Further, Richard Carucci is taking over as interim Chairman of the Board.
The development comes after Steve Rendle decided to retire as the Chairman, President, and CEO of the company.
Separately, the company has also revised its 2023 outlook to account for a weakening demand amid a challenging macro environment. VFC now expects top-line growth between 3% and 4% (previous estimate between 5% and 6%).
Further, adjusted EPS for 2023 is anticipated between $2 and $2.20 as compared to previous expectations between $2.40 and $2.50.
Shares of the company have now tanked nearly 54% so far this year. In the meantime, the Street has a Hold rating on the stock alongside an average price target of $34.65.
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