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Michael Casey selected to become chairman of the board of directors
VANCOUVER, British Columbia--(BUSINESS WIRE)--
lululemon athletica inc. [NASDAQ:LULU] today announced that its Board of
Directors has appointed Laurent Potdevin as the company's Chief
Executive Officer and a member of its Board of Directors. Mr. Potdevin
will succeed Christine Day, who has served as the company's CEO since
2008 and who announced her intention to resign in June 2013. Mr.
Potdevin is expected to step into his role as Chief Executive Officer in
January 2014, and will become a director when he assumes his duties as
CEO. Ms. Day is expected to remain with lululemon through the end of the
company's fiscal year, ensuring a smooth transition.
In addition, Chip Wilson, lululemon's founder and the Chairman of its
Board of Directors, informed the Board of Directors that he is resigning
from the position of non-executive Chairman. Mr. Wilson will step down
from the role effective prior to the company's annual meeting in June
2014. The Board has selected Michael Casey, Lead Director of the Board
of Directors, as the next Chairman of the Board. Mr. Casey is expected
to assume this role upon Mr. Wilson's resignation. This will allow time
for an orderly transition and continuity in lululemon's leadership
structure. Mr. Wilson will retain a seat on the Board of Directors.
"After a thorough search, Laurent emerged as the natural choice to lead
our continued growth and global expansion," said Michael Casey, Lead
Director of the lululemon athletica Board of Directors and member of the
CEO search committee. "We believe lululemon will benefit from Laurent's
leadership experience and proven track record of success in building
global brands. He has more than two decades of experience at premium,
technical athletic apparel, and lifestyle-centric retail companies, and
his shared passion for driving innovative, community-focused brands
makes him an excellent cultural fit for lululemon. Additionally, his
deep understanding of the importance of top-quality technical design,
retail marketing strategies, and the power of building a strong brand
provides him with the tools we believe are necessary to lead our next
exciting phase of growth. The Board has full confidence in Laurent and
we are all thrilled to welcome him to the lululemon family."
"I am excited and honored to be joining lululemon," said Laurent
Potdevin. "It is an exceptional brand with an extraordinary team that
creates technical, beautiful products, and builds authentic consumer
experiences. The tremendous success of this company to date and the
potential for future growth are both exciting and inspiring. I look
forward to working with everyone at lululemon to continue to build and
drive the brand forward."
Mr. Potdevin comes to lululemon having most recently served as President
of TOMS Shoes, a giving company founded on the mission that it would
match every pair of shoes purchased with a pair of new shoes given to a
child in need. While at TOMS, he built a world class management team,
led global expansion, and broadened the company's strong cultural
identity. Prior to TOMS, Mr. Potdevin held numerous positions at Burton
Snowboards, the world's foremost snowboard company, for more than 15
years, including President and CEO from 2005-2010. The business grew
significantly under his leadership, expanding across product categories
and creating international scale by always focusing on providing the
best consumer experience. His earlier roles at Burton included President
and COO as well as Director of Operations. Mr. Potdevin began his career
in 1991 at LVMH. He received his Masters Degree in Engineering from
École Polytechnique Fédérale de Lausanne, Switzerland and his MBA from
École Supérieure des Sciences Économiques et Commerciales, Paris, France.
"As we embark on this next stage of growth, we recognize the efforts and
accomplishments of those whose work has created the lululemon that we
know today. Christine Day has been instrumental in the growth and
development of this brand, and she leaves in place one of the strongest
business models in the retail industry," added Michael Casey. "On behalf
of the Board and our employees, I would like to thank Christine for her
outstanding leadership over the past six years, and her commitment to
ensuring an orderly transition as Laurent succeeds her. We also wish to
acknowledge the many contributions of our founder, Chip Wilson, whose
vision for the business and passion for creating beautiful technical
products remain the foundation of the company today."
"lululemon's success has always been and will continue to be my highest
priority. I am delighted that Laurent will be joining lululemon and
believe his talents and experience ideally complement our existing
management team. I know he will have a strong impact on the business as
he has the vision and leadership capabilities necessary to create and
direct its future," said Chip Wilson, founder of lululemon athletica.
"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 will be hosting a conference call at 9:00 a.m. Eastern Time on
December 10, 2013 to discuss the announcement. If you would like to
participate in the call, please dial (877) 303-3203 approximately 10
minutes prior to the start of the call.
A live web cast of the conference call will be available online at: http://investor.lululemon.com/events.cfm.
A replay will be made available online approximately 2 hours following
the live call for a period of 30 days.
About lululemon athletica inc.
lululemon athletica (NASDAQ:LULU) is a yoga-inspired athletic apparel
company that creates components for people to live long, healthy and fun
lives. By producing products that help keep people active and stress
free, lululemon believes that the world will be a better place. Setting
the bar in technical fabrics and functional designs, lululemon works
with yogis and athletes in local communities for continuous research and
product feedback. For more information, visit www.lululemon.com.
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Source: lululemon athletica inc.
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