Lululemon CEO Laurent Potdevin to resign, retailer cites 'breach of conduct'
Lululemon Athletica (LULU) CEO Laurent Potdevin is resigning from the retailer, effective immediately, the company announced Monday.
Lululemon said Potdevin "fell short of ... standards of conduct" to respect employees and show integrity. Meanwhile, the company's board of directors has started searching for a new global CEO. "
While this was a difficult and considered decision, the Board thanks Laurent for his work in strengthening the company and positioning it for the future," Glenn Murphy, executive chairman of Lululemon's board, said in prepared remarks. "Culture is at the core of lululemon, and it is the responsibility of leaders to set the right tone in ourorganization," he added. "Protecting the organization's culture is one of the Board's most important duties."
Lululemon shares were falling more than 3 percent after market close Monday on the news.
This is a developing story. Please check back for updates.
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