Lululemon’s Chief Executive Resigns Over Behavior
- 6 years ago
Lululemon’s Chief Executive Resigns Over Behavior
Glenn Murphy, the company’s executive chairman, thanked Mr. Potdevin for “his work strengthening the company
and positioning it for the future.” Mr. Murphy, a former chief executive and chairman of Gap, will take on extra duties.
In a separation agreement dated Friday and filed with regulators, Lululemon said it would give Mr. Potdevin
an upfront cash payment of $3.35 million, followed by $1.65 million spread over 18 months.
Laurent Potdevin, the chief executive of Lululemon Athletica, the company famous for its leggings and role in the creation of the athleisure trend, resigned because of behavior
that fell short of the athletic apparel maker’s standards of conduct, the company said on Monday.
Mr. Potdevin, who was president of Toms Shoes and chief executive of Burton Snowboards
before joining Lululemon in early 2014, also stepped down from the board.
The company said Mr. Potdevin, 50, had failed to “exemplify the highest levels of integrity
and respect for one another,” but declined to give specific examples.
By combining the hippy-esque styling of most yoga clothes with the performance specifications of sports brands such as Nike and Adidas, the company and its founder, Dennis J. Wilson, created workout clothes
that could be worn in everyday life to telegraph a value system and lifestyle
Glenn Murphy, the company’s executive chairman, thanked Mr. Potdevin for “his work strengthening the company
and positioning it for the future.” Mr. Murphy, a former chief executive and chairman of Gap, will take on extra duties.
In a separation agreement dated Friday and filed with regulators, Lululemon said it would give Mr. Potdevin
an upfront cash payment of $3.35 million, followed by $1.65 million spread over 18 months.
Laurent Potdevin, the chief executive of Lululemon Athletica, the company famous for its leggings and role in the creation of the athleisure trend, resigned because of behavior
that fell short of the athletic apparel maker’s standards of conduct, the company said on Monday.
Mr. Potdevin, who was president of Toms Shoes and chief executive of Burton Snowboards
before joining Lululemon in early 2014, also stepped down from the board.
The company said Mr. Potdevin, 50, had failed to “exemplify the highest levels of integrity
and respect for one another,” but declined to give specific examples.
By combining the hippy-esque styling of most yoga clothes with the performance specifications of sports brands such as Nike and Adidas, the company and its founder, Dennis J. Wilson, created workout clothes
that could be worn in everyday life to telegraph a value system and lifestyle