Good riddance, Chip Wilson! Lululemon’s tone-deaf chairman steps down
Yoga mogul Chip Wilson is assuming a new position. It's called "stepping down." On Tuesday, Lululemon announced he was departing as its chairman. The company also officially named its new CEO, former TOMS president Laurent Potdevin. Potdevin assumes the mantle from outgoing CEO Christine Day in January.
Just two years ago, Wilson was seemingly on top of the world. He made the Forbes World Billionaires list for the first time, not long after Oprah Winfrey declared his company's legendarily butt-flattering $98 pants one her "ultimate favorite things. Then things started to go bad. Like, Bikram with a hangover bad. In 2012, Wilson left his position as the company's chief innovation and branding officer for undisclosed reasons. Then earlier this year, the company had to issue a recall on its pants, citing a problem with the supplier. At the time, Lululemon explained, "We felt these pants didn’t measure up," though it's notable the recall only seemed to come after customers complained of a decline in quality. The recall and subsequent negative publicity cost the company a small fortune, affecting 17% of its merchandise stock and at one point losing it $600 million in a single day.