board-room

Lululemon CEO Christine Day and founder Chip Wilson are stepping down as the yogawear company continues to expand globally.

In June, Day said she would step down once a replacement is found. Today the company announced Laurent Potdevin, recently president of TOMS Shoes, will take over the post. Day will remain with the company until the end of the fiscal year to ensure a smooth transition.

Read: Lululemon target of class-action suit

Founder Chip Wilson, who chairs the Vancouver company’s board, will also step down by next June. He’ll be replaced by Michael Casey, who is lead director of the board.

In March, Lululemon had to recall some of its classic black yoga pants because the material was see-through. In response to that incident, shareholders have launched lawsuits in the U.S. that alleges Lululemon tried to defraud them by hiding the problems with the pants.

Wilson faced a backlash last month after he suggested the problem wasn’t solely with the pants, but with customers who were too fat to wear his product.

“Quite frankly, some women’s bodies just actually don’t work for it,” he told Bloomberg TV. “It’s really about the rubbing through the thighs, how much pressure is there.”

The company is expanding into Europe and Asia.

Also read:

E-commerce slowing in Canada

Canadians flock to Black Friday deals

Originally published on Advisor.ca
Add a comment

Have your say on this topic! Comments are moderated and may be edited or removed by
site admin as per our Comment Policy. Thanks!