Lululemon names new CEO; founder Chip Wilson to step down
VANCOUVER (REUTERS) - High-end yoga-wear retailer Lululemon Athletica has named Ms Lauren Potdevin as its chief executive and said founder Chip Wilson will step down as non-executive chairman.
Lululemon has been looking for a new CEO since June, when Ms Christine Day said she would step down once a replacement was found.
Ms Potdevin will take over in January from Ms Day, who was behind Lulu's blistering growth rate and its transition from yummy mummy niche to broader, multi-sport appeal. Ms Potdevin joins from TOMS Shoes and has earlier worked with Burton Snowboards and LVMH.
The Vancouver-based company was hit with a US lawsuit in July, accusing it of defrauding shareholders by hiding defects in yoga pants whose sheerness led to a recall, and concealing talks that led to the sudden departure of its chief executive.