Lululemon shook as product boss exits
Lululemon (NASDAQ:LULU) stock dropped 6% on Wednesday in reaction to the news that its chief product officer Sun Choe is leaving the company and the yoga pants and apparel brand would be reshaping its management team.
The company told investors it doesn’t intend to rehire for the CPO role and instead Jonathan Cheung, Lululemon’s global creative director, would now be responsible for product development, design and innovation.
Cheung will report into chief executive Calvin McDonald, meanwhile, a new team of leaders from merchandising and branding, with the idea being to focus on scaling ‘global and regional go-to-market’ strategies.
"I am confident in the strength of our design, merchandising, and brand teams, and excited by how the new structure will enable us to solve for the unmet needs of our guests in a more efficient, unique, and powerful way,” McDonald said in a statement.
Sun Choe is leaving the company to pursue another opportunity.
In New York, Lululemon stock was down $20.04 or 6.2% changing hands at $302.95 per share.
