Lululemon CEO Christine Day is leaving the company after five and a half years, the apparel retailer announced Monday.
Day declined to explain the specific reasons behind her departure but said the decision was hers and that she had been waiting for the right time to leave.
“This was a personal decision of mine,” Day said on a conference call with analysts. “Look, there’s never a perfect time to leave a company that you love…. As the company embarks on that next 10-year vision, the timing’s right to bring in the next person to lead.”
Day’s decision to step down as CEO comes less than three months after the company was forced to recall its black luon yoga pants after receiving complaints that they had an “unacceptable level of sheerness.” Lululemon chief product officer Sheree Waterson resigned amidst the fallout from “Sheergate.”
Last week, the company announced that it would be bringing back the luon pants this month. It also said that the pants would have “more fabric across the bum so it’s not stretched from the get-go.” The pants will also have to undergo 15 different tests before they are delivered and have been “re-engineered” to minimize stretching.
In Lululemon’s press release, Day said that she would continue to lead the company until a new CEO is hired.
“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,” she said.
Chairman of the Board of Directors Chip Wilson thanked Day for her contributions to the company and said he was confident that the retailer “will find the right person to lead this strong team and continue to build on this excellent foundation.”