Lululemon Athletica Inc. founder and Chairman of the Board Chip Wilson smiles before speaking at Kwantlen Polytechnic University in Richmond, B.C., on Friday December 7, 2012. Wilson is stepping down as chairman of Lululemon. THE CANADIAN PRESS/Darryl Dyck
December 09, 2013 - 11:53 PM
TORONTO, Cananda - The board of directors of Lululemon Athletica Inc. says it has appointed Laurent Potdevin as the new CEO to succeed Christine Day, who was CEO since 2008 and announced her intention to resign in June.
A statement issued by the fashion retailer early Tuesday said Day is expected to remain with the company through the end of the company’s fiscal year to ensure a smooth transition.
The company also said company founder and board chairman Chip Wilson will resign prior to the company’s annual meeting next June and be replaced by Michael Casey, the lead director of the board.
The changes at the Vancouver-based company come several weeks new complaints surfaced about the sheerness and durability of Lululemon Athletica yoga pants.
This was after the company had pulled yoga pants from store shelves in April because they were too sheer, costing the company millions in sales. The company had blamed the problems from spring on a style change and production issues.
Potdevin most recently served as president of TOMS Shoes, a company founded on a goal of matching every pair of shoes purchased with a pair of new shoes given to a child in need. Potdevin previously spent 15 years at Burton Snowboards, including president and CEO from 2005-2010.
“After a thorough search, Laurent emerged as the natural choice to lead our continued growth and global expansion,” said Casey.
“We believe Lululemon will benefit from Laurent’s leadership experience and proven track record of success in building global brands.
“I am excited and honoured to be joining Lululemon,” said Potdevin.
"It is an exceptional brand with an extraordinary team that creates technical, beautiful products, and builds authentic consumer experiences.“
News from © The Canadian Press, 2013