VF Corp CEO Bracken Darrell Implements Sweeping Changes Amid Declining Revenues and Cuts Company Dividend

New VF CEO, known for revitalizing brands, overhauls organizational structure and refocuses on product creativity amidst plummeting stock prices and destabilized portfolio, expresses intent to rejuvenate failing brands.

• Bracken Darrell, the new CEO of VF Corp, has initiated significant changes in the company amid falling revenues and a declining stock price, such as slashing the company’s dividend and withdrawing financial guidance for the year.
• VF Corp's Q2 reports show a 4% decline in revenues to $5.1 billion, with the Vans business down by 22%. The company's stock fell by 14% on Tuesday, leading to a market capitalization of $5.7 billion compared to the company’s nearly $40 billion valuation at the start of 2020.
• Darrell has restructured the organization into a global commercial structure, merging operations in the Americas, Asia, and Europe under one roof. The goal is to improve communication, encourage creativity, and streamline processes across the company.
• As part of the new changes, VF Corp is considering selling its Kipling, Eastpak, and JanSport backpack businesses. The company is also working on reviving Vans, its flagship brand, by repositioning it to its original demographic.
• Despite the decline, the North Face brand, a part of VF Corp, grew 16% in the first half. The exact figures have not been released, but Supreme’s Q2 sales saw a substantial double-digit increase.

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