We previously profiled the Christine Day, the current CEO of Lululemon. She announced in June that she would be stepping down as CEO once a replacement was found. Day is credited with transitioning the company from a niche yoga market, to a broader, multi-sports apparel organization.
On December 10th, it was announced that Laurent Potdevin would be taking over as CEO as of January 2014. The founder, Chip Wilson, will also be stepping down as executive chairman. However, he will still be keeping a non-executive seat on the board.
The company was hit with a lawsuit in July of 2013, which accused the company of defrauding shareholder by hiding the defects in the yoga pants. In March of 2013, the companies’ popular black luon yoga pants were recalled because they were too see-through. Many women also complained that the fabric was piling and tearing more than it should. Wilson caused even more controversy for the company when he responded to this by saying that the products just didn’t work for certain body types.
Former Starbucks executive, Michael Casey, will be taking over as chairman. He has also been a lead director of Lululemon’s board for the past 6 years.
To learn more about Lululemon’s CEO, Laurent Potdevin, check out his entire profile.