If there’s an underdog stock in the world of consumer goods, Lululemon Athletica (LULU) has got to be it.
First, the company promoted Christine Day to CEO — she joined LULU from Starbucks Corporation (SBUX) as head of retail operations in January 2008 — to work her magic in June 2008.
Unfortunately, Day stepped down as CEO in June 2013 after the company had several quality control issues put into question the brand’s integrity.
It then hired Laurent Potdevin, former CEO of Burton Snowboards, in December 2013. Potdevin did a good job improving the company’s quality control and corporate image along with its profitability but was forced to resign in February after it was revealed he’d been dating an employee and had created a toxic, unprofessional work environment.
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Now undergoing the third CEO search in a decade, investors eagerly await the board’s hiring decision.
Although there are many potential candidates, I’m sure executive chairman Glenn Murphy and the rest of the board will take its time hiring the right person to take the company on its global expansion.
While it’s had its fair share of controversy, Lululemon remains Canada’s biggest retail apparel success story. The future, in my opinion, looks very bright.
