Lululemon names new chief as founder Chip Wilson quits

City A.M. Reporter
HIGH-END Canadian yoga-wear retailer Lululemon Athletica yesterday named Laurent Potdevin as its chief executive, as it said founder Chip Wilson will step down as non-executive chairman.

Lululemon has been looking for a new CEO since June, when Christine Day said she would step down once a replacement was found.

Potdevin will take over in January 2014 from Day, who was behind Lulu’s blistering growth rate and its transition from yummy mummy niche to broader, multi-sport appeal. Potdevin joins from Toms Shoes and has earlier worked with Burton Snowboards and LVMH.
The Vancouver-based company was hit with a US lawsuit in July, accusing it of defrauding shareholders by hiding defects in yoga pants whose sheerness led to a recall, and concealing talks that led to the sudden departure of its chief executive.

Wilson founded the company in 1998 and owns 8.84 per cent shares. Michael Casey, a former Starbucks executive and lead director of Lululemon’s board for the past six years, will take over as chairman.