Chip Wilson, the Founder of Lululemon Athletica Inc, will be stepping down as Chairman. In a statement, the company said Lead Director of the Board Michael Casey will be taking over the role. Meanwhile, Lululemon Chief Executive Officer Christine Day will be replaced by Laurent Potdevin. Day had said six months ago that she would be leaving the retailer as soon as her replacement would be found, Bloomberg reported.

Earlier this year, Lululemon recalled its yoga pants for being too sheer, leaving the company without one of its best-selling products, Bloomberg reported. After the March recall, the retailer's top product officer also left the company and Day announced her planned exit. After sales were restrained due to delays in getting new merchandise, the Canada-based apparel company reduced its annual profit forecast in September.

In a statement, Wilson said, "As Laurent joins as CEO, I believe that now is the right time for me to begin to transition out of my role as chairman of the board." Lululemon said that Potdevin's most recent stint was as President of TOMS Shoes, the company known for its founding mission of giving a pair of shoes to a child in need for every pair bought. The statement also said that Potdevin is set to start leading the firm in January next year while Wilson will leave as Chairman before the company's annual meeting scheduled in June.

According to the Bloomberg report, Day has been trying to steer Lululemon beyond yoga as rivals like Gap Inc and Macy's Inc have also strengthened their product line to compete against Lululemon's offerings. Gap's Athleta is similar to Lululemon, bringing together local yoga instructors, sponsoring yoga classes and giving staff training so they can give recommendations according to the interests of customers, the report said. In the past seven fiscal years, average sales growth reaching over 50% has brought competitors to the yoga market. Lululemon once held a lionshare of that market, the report said.