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[video] Lululemon Hires New CEO; Chairman and Founder to Step Down

Stocks in this article: LULU

NEW YORK (TheStreet) -- Six months after Lululemon Athletica's (LULU) CEO Christine Day announced her intention to resign, shares of the yoga and apparel maker were rising after the company announced her replacement.

Lululemon said that Laurent Potdevin, most recently the president of TOMS Shoes, the socially responsible company known for matching every pair of shoes purchased with a pair of shoes for a needy child, would be its new CEO and a member of its board. Potdevin will step into his role in January; Day will stay on until the end of the company's fiscal year in January, the company said Tuesday.

The Vancouver-based company also said that Chip Wilson, its founder and chairman, would resign prior to Lululemon's annual meeting next June. Lululemon's lead director, Michael Casey will assume the chairman position.

Shares were up 2% to $71.75 before the markets opened on Tuesday. The stock is down roughly 8% this year.

While at TOMS, Potdevin built up the company's management team, led it to global expansion and broadened the company's strong cultural identity, a press release said. 

Potdevin also has held various top management positions at Burton Snowboards over the course of 15 years, included president and CEO from 2005 to 2010.

There, the business grew "significantly" under his leadership, "expanding across product categories and creating international scale by always focusing on providing the best consumer experience," the press release said.

"We believe lululemon will benefit from Laurent's leadership experience and proven track record of success in building global brands," Casey said in a statement. "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."

Lululemon
 has been barraged with bad publicity after it was forced to recall its popular luon pant over sheerness complaints this past spring. More recently, customers have been complaining about pilling on the expensive yoga pants. Wilson stirred up controversy last month when he blamed women's bodies for pilling occurring on yoga pants, with his infamous quote to Bloomberg: "Quite frankly, some women's bodies just actually don't work for it." 

Lululemon reports third-quarter earnings on Thursday.

-- Written by Laurie Kulikowski in New York.

Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.

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