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.
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."
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