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Lululemon Athletica named Heidi O’Neill as its new CEO on Wednesday.
Lululemon's shares dropped 12 percent after naming former Nike executive Heidi O’Neill as CEO.
KEY POINTS
- O’Neill cannot start as CEO until her Nike noncompete expires in September 2024.
- Investor disappointment was partly due to preference for Jane Nielsen, ex-Ralph Lauren CFO, over O’Neill.
- A proxy fight continues as founder Chip Wilson seeks to add three new directors to Lululemon’s board.
- O’Neill's tenure at Nike coincided with significant brand challenges, raising concerns for Lululemon’s turnaround.
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