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VF’s Shares Take Hit On CEO Exit, Guidance Cut

December 5, 2022

Shares of VF Corp. fell about 11 percent on Monday following the news of Steve Rendle’s retirement as CEO. His exit was a surprise but not a shock to Wall Street analysts, given VF’s underperformance, led by Vans, in recent years. More worrisome was VF’s third guidance reduction in the last three months.

Shares of VF Corp. closed Monday at $29.51, down $3.71, or 11.2 percent, on the day. The stock is down 59.7 percent from the trading price at the start of 2022 of $73.22. SGB Media