Lululemon CEO Laurent Potdevin announced his resignation on Monday, effective immediately.
“Lululemon expects all employees to exemplify the highest levels of integrity and respect for one another, and Mr. Potdevin fell short of these standards of conduct,” the company said in a statement. Potdevin no longer sits on the board of directors of the Vancouver-headquarter athletic apparel retailer.
Sara Germano of the Wall Street Journal reports that “there were ‘a range of instances’ where his actions didn’t align with company policy on leadership and conduct, according to a person familiar with the matter.” Potdevin, former president of TOMS Shoes, was named Lululemon’s CEO in December 2013.
Lululemon CEO resigns. There were “a range of instances” where his actions didn’t align with company policy on leadership and conduct, according to a person familiar with the matter. https://t.co/XsgtpTRjyi
— Sara Germano (@germanotes) February 5, 2018
Chip Wilson founded Lululemon, which is on track to hit $4 billion in revenue by 2020, in 1998.