Lululemon Athletica inc. (NASDAQ:LULU) announced on Monday that CEO Laurent Potdevin has resigned.
In its official statement on the matter, Lululemon Athletica inc. says that the resignation of CEO Laurent Potdevin is due to misconduct. The company says that it expects all of its employees to respect one another and treat them with integrity, and that the former CEO didn’t do this. Potdevin is also no longer a part of the company’s Board of Directors.
“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,” Glenn Murphy, Lululemon Athletica inc.’s Executive Chairman of the Board, said in a statement. “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.”
Lululemon Athletica inc.’s Board of Directors says that the search for a new CEO is already underway. Until a new CEO is found, several executives will be taking on additional responsibilities. This includes Executive Vice President of the Americas Celeste Burgoyne, Chief Operating Officer Stuart Haselden and Senior Vice President of Merchandising Sun Choe. They will all report directly to Murphy.
Lululemon Athletica inc. doesn’t provide details on the exact reason that CEO Laurent Potdevin is resigning from the company.
LULU stock was up slightly as of noon Tuesday.
As of this writing, William White did not hold a position in any of the aforementioned securities.
