lululemon athletica inc. [NASDAQ:LULU] today announced that its Board of Directors has appointed Laurent Potdevin as the company’s Chief Executive Officer and a member of its Board of Directors. Mr. Potdevin will succeed Christine Day, who has served as the company’s CEO since 2008 and who announced her intention to resign in June 2013. Mr. Potdevin is expected to step into his role as Chief Executive Officer in January 2014, and will become a director when he assumes his duties as CEO. Ms. Day is expected to remain with lululemon through the end of the company’s fiscal year, ensuring a smooth transition.
In addition, Chip Wilson, lululemon’s founder and the Chairman of its Board of Directors, informed the Board of Directors that he is resigning from the position of non-executive Chairman. Mr. Wilson will step down from the role effective prior to the company’s annual meeting in June 2014. The Board has selected Michael Casey, Lead Director of the Board of Directors, as the next Chairman of the Board. Mr. Casey is expected to assume this role upon Mr. Wilson’s resignation. This will allow time for an orderly transition and continuity in lululemon’s leadership structure. Mr. Wilson will retain a seat on the Board of Directors.
“After a thorough search, Laurent emerged as the natural choice to lead our continued growth and global expansion,” said Michael Casey, Lead Director of the lululemon athletica Board of Directors and member of the CEO search committee. “We believe lululemon will benefit from Laurent’s leadership experience and proven track record of success in building global brands. He has more than two decades of experience at premium, technical athletic apparel, and lifestyle-centric retail companies, and his shared passion for driving innovative, community-focused brands makes him an excellent cultural fit for lululemon. Additionally, his deep understanding of the importance of top-quality technical design, retail marketing strategies, and the power of building a strong brand provides him with the tools we believe are necessary to lead our next exciting phase of growth. The Board has full confidence in Laurent and we are all thrilled to welcome him to the lululemon family.”