After scaling back its outlook for full-year sales and profits, Lululemon Athletica has chosen Lauren Potdevin as its next leader or CEO.
Potdevin takes over for Christine Day who resigned from the position in June after five years according to a press release on the company's website Monday.
"After a thorough search, Laurent emerged as the natural choice to lead our continued growth and global expansion," Michael Casey, lead director of the lululemon athletica board of Directors said in a statement. Casey is also a member, of the CEO search committee. "We believe lululemon will benefit from Laurent's leadership experience and proven track record of success in building global brands. 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. The Board has full confidence in Laurent and we are all thrilled to welcome him to the lululemon family."
Chip Wilson, Lululemon founder, and board of directors chairman is also leaving his non-executive chairman post before the board meets in June.
Potdevin is also Day's replacement who said she was going to leave the position once a another individual was found.
"I am excited and honored to be joining lululemon," Potdevin said in a statement. "It is an exceptional brand with an extraordinary team that creates technical, beautiful products, and builds authentic consumer experiences. The tremendous success of this company to date and the potential for future growth are both exciting and inspiring. I look forward to working with everyone at lululemon to continue to build and drive the brand forward." Potdevin begins his new role next month.
The company did not begin the third quarter on a strong note because deliveries for its fall inventory were late due a recall. The company's signature item of Luon pants were also pulled from the shelves on March 18 after it was discovered the pants were see through. Chief product officer left in April, further hindering the company's reputation.
