Lululemon Athletica Inc. (NASDAQ: LULU) announced that its CEO Laurent Potdevin resigned from the position. “Lululemon expects all employees to exemplify the highest levels of integrity and respect for one another, and Mr. Potdevin fell short of these standards of conduct,” the company said in a statement.
The board of directors is searching for a replacement that is well-experienced. "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."
Additional responsibilities will be distributed between three senior leaders of the company and report to Glenn Murphy. Celeste Burgoyne, Executive President will oversee brand aspects of global business that include stores, ecommerce and brand marketing. Stuart Haselden, COO will be responsible for operations correlating with supply chain, finance and technology. Sun Choe, senior VP of merchandising will oversee product development, design, innovation, and merchandising.
Mr. 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."