LULULEMON CEO RESIGNS DUE TO MISCONDUCT
Athletic apparel brand Lululemon Athletica has announced that Laurent Potdevin has resigned as CEO and as a member of the company’s Board of Directors, effective immediately.
The brand stated that Potdevin “fell short” of its standards of integrity and respect that the brand expects. The Board of Directors has immediately begun a search process for a proven and highly-experienced global chief executive officer.
“While this was a difficult and considered decision, the Board thanks Laurent for his work in strengthening the company and positioning it for the future,” said Glenn Murphy, executive chairman of the Board. “Culture is at the core of Lululemon, and it is the responsibility of leaders to set the right tone in our organization. Protecting the organization’s culture is one of the Board’s most important duties.”
In his newly expanded role as executive chairman, Murphy will focus on achieving long-term, sustainable results for all stakeholders. Three of Lululemon’s senior leaders are being elevated and will take on additional responsibilities, reporting to Murphy: Celeste Burgoyne, executive vice president of Americas, will oversee all channel and brand-facing aspects of the global business, including stores and e-commerce, as well as brand marketing; Stuart Haselden, chief operating officer, will have responsibility for all operations related to finance, supply chain, people, and technology; and Sun Choe, senior vice president of merchandising, will guide all aspects of product development, design, innovation, and merchandising.
Murphy added, “The Board is entirely confident that Celeste, Stuart, and Sun – three leaders deeply tied to the recent momentum in the business – can continue to execute on Lululemon’s growth strategy and drive global performance. Based upon their contributions to the recent expansion of the business, their history of collaboration with one another and their strong support across the Lululemon organization, we believe this trio of leaders will take Lululemon from strength to strength.”
Lululemon also reaffirmed its updated guidance provided on January 8 that reflects the ongoing momentum of the business. In addition, the company’s growth strategies remain on track to achieve $4 billion in revenue by 2020.
