"Heidi O'Neill was chosen for the role because of her experience, success delivering breakthrough ideas and initiatives at scale, and her ability to be a knowledgeable change and growth agent."
"The Canadian-born executive's announcement sent Lululemon's shares surging roughly 10 percent in extended trading on Thursday."
"Shareholders, including Lululemon's estranged founder Chip Wilson, started pressing last year for the company to appoint new board members that would better address rivals, its sagging share price and a product mix some felt was getting stale."
Heidi O'Neill will become Lululemon's CEO on Sept. 8, following months of criticism regarding the company's management and performance. Her selection is based on her proven track record in delivering innovative ideas and driving growth. The appointment comes after a significant drop in Lululemon's share price, which fell nearly 50% over the past year. Shareholders, including founder Chip Wilson, have been advocating for new board members to address competition and product concerns. O'Neill's announcement led to a 10% surge in Lululemon's shares during extended trading.
Read at www.cbc.ca
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