In a statement issued by giant retailer Lululemon Athletica Inc. (LULU), it has announced about its founder, Chip Wilson will, stepping down from the position of chairman. The retailer, which recalled a large number of yoga pants for being too sheer earlier this year, revealed that the lead director of the board, Michael Casey, will be taking over the position of Wilson as chairman. Moreover, Lululemon further named chief executive officer, Laurent Potdevin, to soon replace Christine Day, who previously announced to leave the company in June, asserting that she would resign whenever a replacement is found.
The massive recall of yoga pants ordered by Lululemon in March left the company without of its one of the best-selling products, while its troubles were further increased by the departure of company’s top product officer and planned departure of Day. Consequently in September, the retailer lessened its annual profit forecast after delays in getting new merchandise restrained sales.