▲ 10 r/Burryology
Lulu Hires More Nike Exec
I am looking more into this new hire, and I will reserve my judgment. But I thought I should put this up for people who follow LULU more closely than me to chime in. This hiring looks to be the new CEO's, Heidi, idea. Prob her past colleague from Nike.
Summary of the Reuters' article:
- Gauger will join Lululemon on October 26, and was most recently CEO of Gap's performance apparel brand Athleta, following a long stint at Nike, alongside O'Neill
- Gauger takes charge of product at Lululemon at a time the company has struggled with product missteps that have triggered consumer backlash and recalls
- Lululemon also appointed Joseph Godsey as chief operating officer
- "This is an important first step in reinvigorating our enduring connection with guests and is designed to establish the foundation for sustainable, long-term growth," O'Neill said of the appointments
- Lululemon's shares have nearly halved in value so far this year, and are on track for a third straight year of declines
- The company's net income is expected to drop nearly 40% this year from fiscal 2024, according to data compiled by LSEG
- Lululemon also said chief brand officer Nikki Neuburger and chief supply chain officer Ted Dagnese would leave the company, effective November 6, and that it was searching for candidates to fill the roles
- It added that CFO Meghan Frank would oversee global brand and technology functions until those appointments are made
u/pml1990 — 8 days ago