Women are Delusional HATERS - Lululemon Founder and CEO Steps Down for Telling the Truth

Lululemon appoints new CEO, founder Chip Wilson steps down

The yogawear company said Tuesday founder Chip Wilson is stepping down – weeks after he offended shoppers by saying Lululemon’s pants aren’t for all women’s bodies. A new CEO was also named: Laurent Potdevin, former president of TOMS Shoes, will take over for Christine Day.



Lululemon took more steps Tuesday aimed at putting its see-through pants problems behind it.

The upscale yogawear brand said founder Chip Wilson — who has come under fire for controversial comments about his customers’ thigh size — resigned as chairman and it has named a new CEO.

Laurent Potdevin, most recently president of Toms Shoes, will take over as CEO, replacing Christine Day, Lululemon said.

Day said she would step down from the top spot in June after a barrage of complaints about product quality, such as piling and holes after only a few months of wear, dented the Canadian company’s reputation.

The biggest damage was done after one of its most popular yoga pants styles had to be pulled from store shelves this spring for being too sheer and revealing when wearers bent over, costing the company millions of dollars.

The company, due to announce third-quarter results on Thursday, trimmed its forecast for full-year sales and profit in September.

Lululemon's shares, which have fallen about 15 percent since Day announced her intention to quit, were up 1.6 percent before the bell on Tuesday.

Potdevin, who takes over in January, was most recently president at retailer TOMS Shoes, which is known for matching every pair of shoes sold with a pair given to poor children. Prior to TOMS, he was CEO of Burton Snowboards.

Potdevin's immediate challenge will be to deal with the supply chain problems that caused the multimillion-dollar recall. He will also need a strategy to fend off rising competition from retailers including Under Armour Inc (UA.N), Nike Inc (NKE.N) and Gap Inc (GPS.N) and its Athleta line.

Wilson, who will keep a seat on the board, founded the company in 1998. He quickly built a cult following for its $98 yoga pants and $118 hoodies, crafting the company into one with $1.4 billion in sales last year.


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