Six months after Lululemon's CEO Christine Day announced her intention to resign, the yoga and apparel maker said Laurent Potdevin, who's had brand and management experience at Louis Vuitton, Burton Snowboards and most recently as the president of TOMS Shoes, the socially responsible company known for matching every pair of shoes purchased with a pair of shoes given to a child in need, would replace her.
The Vancouver-based company also said Chip Wilson, its founder and chairman would resign from the position prior to Lululemon's annual meeting next June. Michael Casey, Lululemon's lead director and a former Starbucks' (SBUX) executive, will assume the chairman position.
|Lululemon hired Laurent Potdevin, the former president of TOMS Shoes, as its new CEO.|
Potdevin will step into his role in January; Day will stay on until the end of the company's fiscal year to help with the transition.
Shares were down 0.51% to $69.98 in mid-Tuesday tade.
The management shift -- Potdevin's brand and operational knowledge combined Casey's experience -- may just be the thing that the specialty yoga retailer needs to get it back to being the Wall Street darling it once was.
The stock is down roughly 8% this year, compared to Under Armour's (UA) stock up 70% in the same time frame.