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Lululemon Athletica shares tumbled about 12% in early trading on Thursday.
Lululemon's shares fell nearly 12% after naming ex-Nike executive Heidi O'Neill as CEO.
KEY POINTS
- Activist investor Elliott and founder Chip Wilson both pushed for veteran Jane Nielsen, not O'Neill.
- Analysts see O'Neill's Nike tenure as overlapping with issues now troubling Lululemon.
- Chip Wilson continues his proxy fight, seeking to overhaul Lululemon's board amid CEO changes.
- O'Neill will not assume the CEO role until September, prolonging strategic uncertainty.
COMPANIES
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