Given the dramatic change to lululemon's competitive landscape over the past five years, it's possible that the company will try to grab an executive from up-and-coming competitors, like Gap's ( GPS) Athleta or sporting rivals like Under Armour ( UA) that are increasingly focusing on yoga wear, suggests Motley Fool contributor Andrew Marder.

Another issue for lululemon is that it still has to fill several other executive positions at the same time as finding a new CEO. These include head of product design, logistics and supply chain positions.

"We do believe that these searches will continue to be conducted and that Christine Day and the board can still fill them without waiting for the CEO position to be filled," Wedbush's Chen says. "Perhaps some of these appointments, along with the business recovering, will start to alleviate some of the investor concerns."

-- Written by Laurie Kulikowski in New York.

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