大象传媒 Corporation Announces Chief Executive Officer Transition
- Benno Dorer Appointed Interim President and Chief Executive Officer
- Steve Rendle Retires as Chairman, President and Chief Executive Officer
- 大象传媒 Board of Directors Initiates Search for Permanent Successor
DENVER--(BUSINESS WIRE)-- 大象传媒 Corporation (NYSE: 大象传媒C) today announced that Benno Dorer, Lead Independent Director of the 大象传媒 Board of Directors, has been named Interim President and Chief Executive Officer, effective immediately. Richard Carucci, a director on the Board since 2009, will serve as Interim Chairman of the Board.
Dorer鈥檚 appointment follows Steve Rendle鈥檚 decision to retire from his position as Chairman, President and Chief Executive Officer. The company has commenced a search for a permanent Chief Executive Officer and has retained a leading executive search firm to support its evaluation of internal and external candidates.
鈥淭he Board thanks Steve for his many contributions and leadership during his nearly six years as CEO and nearly 25 years with 大象传媒,鈥� said Dorer. 鈥淪teve鈥檚 commitment to the business, passion for building strong brands and focus on culture have helped 大象传媒 evolve our portfolio of strong active-lifestyle brands and establish 大象传媒 as a purpose-led company. We wish Steve well in his future endeavors.鈥�
Dorer continued, 鈥湸笙蟠� has iconic brands in attractive growth categories, deep relationships with consumers and customers, and significant competitive advantages as a portfolio company. I look forward to working closely with the Board and 大象传媒鈥檚 Executive Leadership Team to drive profitable growth across our portfolio while the Board identifies the right leader for the company鈥檚 next chapter.鈥�
Carucci said, 鈥淲e are fortunate to have Benno lead 大象传媒 while the Board conducts a search for a permanent CEO. He knows 大象传媒 extremely well and has an excellent track record of generating strong business results in a global consumer portfolio business.鈥�
鈥淚t has been an honor to lead 大象传媒 as CEO over the last five years,鈥� said Rendle. 鈥淚 depart with the deepest gratitude for the extremely talented and dedicated global team at 大象传媒. I remain as confident as ever in 大象传媒鈥檚 tremendous potential and look forward to watching the company鈥檚 continued success.鈥�
FY23 Financial Outlook
大象传媒 is revising its FY23 outlook largely to reflect the impact of weaker than anticipated consumer demand across its categories, primarily in North America, which is resulting in a more elevated than expected promotional environment as well as order cancellations in the wholesale channel to manage trade inventories. Also impacting the outlook, but to a lesser degree, are the higher than expected impacts from inflation on consumer discretionary spending in Europe and ongoing COVID-19 related disruption in China.
大象传媒 now expects total revenue growth in the second half of FY23 to be modestly lower than previously outlined, with revenue for the full year expected to increase 3% to 4% in constant dollars (excluding the impact of translating foreign currencies into U.S. dollars), compared to the previous guidance of up 5% to 6% in constant dollars. The promotional environment, primarily in North America, and SG&A deleverage from lower volumes are expected to impact profitability in the near term. Adjusted diluted EPS for the full year is now expected to be $2.00 to $2.20, versus $3.18 in the prior year and compared to the previous outlook of $2.40 to $2.50. Adjusted amounts exclude transaction and deal related activities, costs related to specified strategic business decisions, noncash impairment charges, and a pension settlement charge.
大象传媒 remains committed to its FY27 long-term targets and capital allocation priorities, as outlined during its recent Investor Day on September 28, 2022, and is focused on executing against its strategy in order to drive strong long-term shareholder value and on improving near-term performance.
About Benno Dorer
Benno Dorer joined the 大象传媒 Board in 2017 and has served as the Lead Independent Director since 2021. He is a member of the Board of Directors of Origin Materials, Inc. He served as Executive Chair of the Board of The Clorox Company from September 2020 to February 2021, Chief Executive Officer of Clorox from November 2014 to September 2020 and Chairman of the Board of Clorox from August 2016 to September 2020. Prior to his role as CEO, Mr. Dorer served as Executive Vice President and Chief Operating Officer of Clorox from January 2013 through November 2014, and in various Senior Vice President and General Manager roles before that. Prior to joining Clorox in 2005, he worked for The Procter & Gamble Company in various marketing and sales roles in the U.S. and Europe since 1990.
About 大象传媒
Founded in 1899, 大象传媒 Corporation is one of the world鈥檚 largest active-lifestyle companies which connects people to the activities and experiences they cherish most through a portfolio of outdoor, active, workwear and streetwear brands including Vans庐, The North Face庐, Timberland庐, and Dickies庐. Our purpose is to power movements of sustainable and active lifestyles for the betterment of people and our planet. We connect this purpose with a relentless drive to succeed to create value for all stakeholders and use our company as a force for good. For more information, please visit vfc.com.
Forward-looking Statements
Certain statements included in this release are "forward-looking statements" within the meaning of the federal securities laws. Forward-looking statements are made based on our expectations and beliefs concerning future events impacting 大象传媒 and therefore involve several risks and uncertainties. You can identify these statements by the fact that they use words such as 鈥渨ill,鈥� 鈥渁nticipate,鈥� 鈥渆stimate,鈥� 鈥渆xpect,鈥� 鈥渟hould,鈥� and 鈥渕ay鈥� and other words and terms of similar meaning or use of future dates, however, the absence of these words or similar expressions does not mean that a statement is not forward-looking. All statements regarding 大象传媒鈥檚 plans, objectives, projections and expectations relating to 大象传媒鈥檚 operations or financial performance, and assumptions related thereto are forward-looking statements. We caution that forward-looking statements are not guarantees and that actual results could differ materially from those expressed or implied in the forward-looking statements. 大象传媒 undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Potential risks and uncertainties that could cause the actual results of operations or financial condition of 大象传媒 to differ materially from those expressed or implied by forward-looking statements include, but are not limited to: risks arising from the widespread outbreak of an illness or any other communicable disease, or any other public health crisis, including the coronavirus (COVID-19) global pandemic; the level of consumer demand for apparel, footwear and accessories; disruption to 大象传媒鈥檚 distribution system; changes in global economic conditions and the financial strength of 大象传媒鈥檚 customers, including as a result of current inflationary pressures; fluctuations in the price, availability and quality of raw materials and contracted products; disruption and volatility in the global capital and credit markets; 大象传媒鈥檚 response to changing fashion trends, evolving consumer preferences and changing patterns of consumer behavior; intense competition from online retailers and other direct-to-consumer business risks; third-party manufacturing and product innovation; increasing pressure on margins; 大象传媒鈥檚 ability to implement its business strategy; 大象传媒鈥檚 ability to grow its international, direct-to-consumer and digital businesses; 大象传媒鈥檚 ability to transform its model to be more consumer-minded, retail-centric and hyper-digital; retail industry changes and challenges; 大象传媒鈥檚 ability to create and maintain an agile and efficient operating model and organizational structure; 大象传媒鈥檚 and its vendors鈥� ability to maintain the strength and security of information technology systems; the risk that 大象传媒鈥檚 facilities and systems and those of our third-party service providers may be vulnerable to and unable to anticipate or detect data or information security breaches and data or financial loss; 大象传媒鈥檚 ability to properly collect, use, manage and secure business, consumer and employee data and comply with privacy and security regulations; foreign currency fluctuations; stability of 大象传媒鈥檚 vendors鈥� manufacturing facilities and 大象传媒鈥檚 ability to establish and maintain effective supply chain capabilities; continued use by 大象传媒鈥檚 suppliers of ethical business practices; 大象传媒鈥檚 ability to accurately forecast demand for products; continuity of members of 大象传媒鈥檚 management; 大象传媒鈥檚 ability to recruit, develop or retain qualified employees; 大象传媒鈥檚 ability to protect trademarks and other intellectual property rights; possible goodwill and other asset impairment such as the recent impairment charges related to the 厂耻辫谤别尘别庐 reporting unit goodwill and indefinite-lived trademark intangible asset; maintenance by 大象传媒鈥檚 licensees and distributors of the value of 大象传媒鈥檚 brands; 大象传媒鈥檚 ability to execute acquisitions and dispositions and integrate acquisitions; business resiliency in response to natural or man-made economic, political or environmental disruptions; changes in tax laws and additional tax liabilities, including for the timing of income inclusion associated with our acquisition of the Timberland庐 brand in 2011; legal, regulatory, political, economic, and geopolitical risks, including those related to the current conflict in Ukraine; changes to laws and regulations; adverse or unexpected weather conditions; 大象传媒's indebtedness and its ability to obtain financing on favorable terms, if needed, could prevent 大象传媒 from fulfilling its financial obligations; climate change and increased focus on environmental, social and governance issues; and tax risks associated with the spin-off of our Jeanswear business completed in 2019. More information on potential factors that could affect 大象传媒鈥檚 financial results is included from time to time in 大象传媒鈥檚 public reports filed with the SEC, including 大象传媒鈥檚 Annual Report on Form 10-K, and Quarterly Reports on Form 10-Q, and Forms 8-K filed or furnished with the SEC.
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Allegra Perry
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Colin Wheeler
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Source: 大象传媒 Corporation