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12/11/2013

lululemon athletica Appoints CEO

lululemon athletica inc. announces that its Board of Directors has appointed Laurent Potdevin as the company's new Chief Executive Officer and a member of its Board of Directors. 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. Day announces her intent to leave after the brand suffered an embarrassing sheer-pants quality problem earlier this year and recent public remarks by founder Chip Wilson that seemed to blame women's thighs for contributing to the see-through material.
 
Potdevin is expected to step into his role in January 2014, and will become a director when he assumes his duties as CEO. 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. 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. Casey is expected to assume this role upon Wilson's resignation. This will allow time for an orderly transition and continuity in lululemon's leadership structure. Wilson will retain a seat on the Board of Directors.
 
Potdevin 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, Potdevin held numerous positions at Burton Snowboards, the world's foremost snowboard company, for more than 15 years, including President and CEO from 2005 to 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. Potdevin began his career in 1991 at LVMH. He received his Masters Degree in Engineering from cole Polytechnique Fdrale de Lausanne, Switzerland and his MBA from cole Suprieure des Sciences conomiques et Commerciales, Paris, France.
 
"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 Wilson. "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."
 
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