Eric C. Wiseman will retire as Executive Chairman of the Board and as a Director of VF Corporation effective October 28, 2017. VF’s Board of Directors has elected President, CEO and Director Steven E. Rendle to the role of Chairman effective upon Wiseman’s withdrawal. Wiseman’s retirement completes VF’s planned leadership succession, which began with the promotion of Rendle to President and COO in June 2015, and to CEO in January 2017.
Wiseman has been with VF for more than 20 years, serving as its CEO for the past decade. He began his career with VF in 1995 when he joined the company as Executive Vice President of the JanSport business. He was named President and Chief Operating Officer in 2006, and elected to VF's Board of Directors that same year. Wiseman was named CEO in January 2008 and Chairman of the Board in August 2008.
VF Corporation has also released its second quarter 2017 results. For the second quarter of 2017, revenue increased by 3% compared to last year, reaching $2.4 billion. After starting with a 1% revenue decline compared to 2016 in the first quarter of 2017, VF raised its outlook for the second half of the year: To the end of the year, revenue is now expected to reach $11.65 billion. Revenue growths are mainly driven by international and direct-to-consumer platforms, VF’s outdoor and action sports coalition (revenue growth of 5%) and its workwear businesses.
For VF’s jeanswear coalition revenue decreased by 4% in the second quarter of 2017, compared to the previous year. Wrangler brand revenues decreased by 2% compared to the first quarter of 2016 (while its workwear division grew by 26%) and Lee brand revenues decreased by 6%.
In VF’s sportswear sector, Vans brand revenue grew by 9%. China is the fastest growing market for VF, achieving revenue growth of 18%. VF EMEA business grew by 4%. All values are listed currency neutral.