Lululemon Athletica (NASDAQ:LULU) founder and chairman of the board of directors Chip Wilson has announced that he is resigning, and the company has appointed a new CEO to succeed Christine Day, the yogawear maker announced December 10.
Wilson will step down in June 2014, and the board has announced that Michael Casey, currently lead director of the board, will take over Wilson's position.
The company has appointed Laurent Potdevin, former president of Toms Shoes, to take the reins from Day, which is expected to happen in January 2014.
"We believe Lululemon will benefit from Laurent's leadership experience and proven track record of success in building global brands," said Casey. "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."
Day had announced her plans to step down from her role as CEO June 10 – the same day the company announced that it was voluntarily delisting from the Toronto Stock Exchange, citing low trading volumes and excessive administration costs involved in maintaining the listing. Day had been heading up the company since 2008.
Wilson has recently come into some hot water regarding statements made about certain women's body types not being appropriate for the company's clothing. In March 2013, the yogawear maker had issues with shipments of yoga pants that were so sheer they had to be recalled from stores, resulting in millions of dollars in losses for the company.
As of press time, shares of Lululemon were down 0.43%, trading at $70.04 per share.
