Vans and North Face owner gets slammed. But Jim Cramer likes new CEO's turnaround plan

CNBC's Jim Cramer said Tuesday that the company behind Vans, The North Face and Timberland has a promising blueprint to turn around its fortunes.

Shares of troubled VF Corp (VFC) sank 9.5%, the morning after management withdrew its fiscal year revenue and profit forecasts. The stock resumed a sell-off that began with Friday's more than 5% decline.

While acknowledging the near-term challenges due to a more cost-conscious consumer, Cramer said on "Squawk on the Street" that new CEO Bracken Darrell's plan to overhaul the company should lift the stock down the road.

Cramer cited Darrell's long track record in leadership roles at Procter & Gamble (PG) and Logitech (LOGI) as a reason to give him the benefit of the doubt. The executive previously led P&G's recovery plans for the consumer product giant's Old Spice brand.

Cramer's Charitable Trust does not hold VF, but owns shares of another off-price retailer TJX Companies (TJX) whose T.J. Maxx and Marshalls stores carry name brands for less. P&G is also a Trust name.