VF Corp. on Tuesday named Bracken Darrell, an executive well versed in turnarounds and current head of Logitech, as its next president and CEO.
Darrell’s appointment ends a roughly six-month search for a new leader following the abrupt exit of former VF President and CEO Steve Rendle in December. Darrell is expected to take the helm July 17.
Darrell will come to VF after a 10-year term as president and CEO of Logitech, the Swiss maker of gaming products ranging from mice and mouse pads to keyboards and simulation gear.
During that tenure, the executive led a turnaround of the $3 billion business via category expansion and product innovation that helped double revenue and increase the company’s market cap by 10 times.
Darrell has also served as global president of Braun and EMEA president at Whirlpool Corp. He also led the turnaround of Procter & Gamble’s Old Spice.
“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,” Darrell said in a statement.
Benno Dorer, who had been serving as interim president and CEO, is set to stay on the VF board. Meanwhile, VF board member and interim chair Richard Carucci, was named chair.
“VF’s board of directors couldn’t be more pleased with our appointment of Bracken as VF’s 12th CEO in the company’s 124-year history,” Carucci said in a statement. “We conducted an extensive search and determined that Bracken has all the attributes to excel in this role. He is a transformational and visionary business leader with a strong track record of performance across multiple industries.”
Carucci went on to say Darrell will drive a new future for VF that will bear out in “new levels of success” for the business.
The incoming CEO joins a company that’s seen some of its portfolio brands struggle, including Vans and Dickies.
Both businesses reported revenue declines for the fiscal year ended April 1. Still, the most recent financial update from the company in May indicated the Vans turnaround strategy is on track.
Meanwhile, VF’s Supreme brand has had a tougher go at expansion plans, with lower financial projections and an increased risk of meeting forecasts driving a $313 million non-cash impairment charge.
The streetwear brand’s plans to grow through more stores has stalled due to the pandemic. Growth, Dorer told analysts in May, is expected to be “more modest” in the current fiscal year and then accelerate the following year on account of geographic expansion.