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Vancouver, British Columbia -- Lululemon Athletica Inc. on Monday said that its CEO, Christine Day, will step down when a successor is named. The announcement comes some three months after Lululemon, in an embarrassing and very costly snafu, had to pull 17% of its trademarked Luon pants from its store shelves after they were found to be too sheer.
"Being a part of Lululemon for the past five and a half years has been an incredible journey,” Day said in a statement. I am proud of building a world class team that has produced one of the best growth, brand and profit stories in retail. Plans have been laid for the next five years and a vision set for the next ten. Now is the right time to bring in a CEO who will drive the next phase of Lululemon's development and growth.”
Day said that she would continue to actively lead the company while the board searches for a new CEO and would help with a smooth transition.
“Christine has been an exceptional leader for Lululemon, successfully embracing the culture while growing the business and returning value to all of our stakeholders including our guests, employees, partners and shareholders," said Chip Wilson, chairman of the Lululemon board of directors. “I am confident that we will find the right person to lead this strong team and continue to build on this excellent foundation."