Time to say "namaste" to Christine Day, Lululemon's CEO of five years.
Day is leaving the cult-fave activewear brand as soon as her successor is found, according to a statement released by the company. It's not clear whether Day is leaving of her own volition or not. "Plans have been laid for the next five years and a vision set for the next ten," Day said in the release. "Now is the right time to bring in a CEO who will drive the next phase of Lululemon's development and growth. I will continue to actively lead the organization while the Board searches for a new CEO, and will work to ensure a smooth transition."
Day's departure comes after the recent see-through yoga pants recall debacle. While the company's stock price has since rebounded, and is now higher than before, the recall will cost the company almost $70 million dollars in sales. So Lululemon really needs a fresh start.
Day commented on the see-through pants recall in the release saying: "While we regret that we had quality issues with our black luon we are proud of the organization's ability to get luon delivered back into our stores within 90 days of having pulled it from our line, all the while keeping our guests happy and engaged with the brand."
Day is a former Starbucks executive, and loyal Lululemon fans (they are many and they are loud) have often criticized the CEO for bringing down the quality of the brand and cost cutting at the expense of the brand's designs. Here's one example from the Lululemon Addict blog: "Day has ruined everything special about Lululemon. The bullet proof quality, the fit, the femininity, the lululemoness of the product."
Can a new CEO bring back this so-called "Lululemon-ness"? Time will tell.