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Lululemon CEO to Retire
After a replacement is found, Lululemon Athletica Inc. CEO will step down from office. Chief Executive Officer Christine Day is said to depart from the company along with recent departure of the firm's chief product office.
Lululemon reached triple its sales in the last three years. This was after Day's move towards running and golf apparel while opening retail stores in Asia and Europe. However, the increase in sales was marred recently when the brand's black Luon pants were recalled. The defect made the apparel too transparent when worn.
Christine Day joined Lululemon in 2008 as the executive vice president of retail operations. This was after her twenty years of service at Starbucks Corp making her last position gained the coffee shop operations in Asia.
At 4:42pm in New York, Lulemon fell by 11% to US$73.40. The shares were recorded to have increased five times from June 27, 2008. This was the last trading day before the CEO position was taken over by Day.