"Lululemon shares dropped as much as 7% in postmarket trading, having fallen more than 21% so far this year as of Wednesday's close."
"O'Neill arrives with a series of fires to put out, including recent product mishaps and a disappointing sales outlook that have left investors concerned."
"Elliott Investment Management has built a stake of more than $1 billion in the company, with Jane Nielsen as their preferred candidate for the CEO position."
"Chip Wilson, Lululemon's founder, has publicly criticized the company and pushed for changes on its board despite no longer having a formal role."
Heidi O'Neill has been named the new CEO of Lululemon Athletica Inc., effective September 8. She previously served as Nike's president of consumer, product, and brand. Lululemon has faced challenges, including a decline in share price and disappointing sales outlook. Recent product issues and competition have raised investor concerns. Elliott Investment Management has invested over $1 billion in Lululemon and had a preferred candidate for the CEO position. The company's founder has also criticized its direction and called for board changes.
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