Lululemon CEO Christine Mccormick Day to Resign
Posted on June 11, 2013
Lululemon CEO Christine Mccormick Day has announced plans to resign from the company. She will step down when a successor is named. Christine was at Starbucks for 20 years before arriving at Lululemon Atheltic in June 2008.
Christine said in a statement, "Being a part of lululemon for the past five and a half years has been an incredible journey. 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. I will continue to actively lead the organization while the Board searches for a new CEO, and will work to ensure a smooth transition."
The news follows the return of the company's luon black yoga pants to store shelves following the too sheer problem. Lululemon says Christine's resignation was unrelated to the black luon product issue. The company says, "Christine's decision was her own. The company has recovered from the setback around the black luon and Christine is acting on her deep conviction that it is time to transition to a new CEO to lead the company through its next phase of growth. Christine has put in place a strategy and built a team that is well positioned to support its growth for the future."
Lululemon already had an executive resign in April that appeared to be directly related to the yoga pants sheerness issue. Chief Product Officer Sheree Waterson left the company in April.