Lululemon founder steps out of management role
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Hey there, time traveller!
This article was published 07/01/2012 (5239 days ago), so information in it may no longer be current.
Lululemon Athletica Inc. founder Chip Wilson is in the final stretch of his management role at one of Canada’s most successful retailers.
Vancouver-based Lululemon (TSX:LLL) said in a brief release late Friday that Wilson, who founded the trendy yoga-inspired retailer in 1998, plans to resign as chief innovation and branding officer effective Jan. 29. He will stay on as chairman of the board of directors.
Wilson, 55, said he’s comfortable leaving the company in the hands of chief executive officer Christine Day, who was recently named Report on Business magazine’s CEO of the year.
“I remain deeply committed to the company’s continued success and, given the strength we’ve built into the organization over the past three years, I feel comfortable leaving the company with Christine Day at the helm of a world-class management team whom I fully believe will continue to elevate our world,” he said in a statement.
After an early career as founder and CEO of a surf, skate and snowboard clothing company, Wilson created Lululemon and ran every facet of the company as it grew rapidly into an international retailer.
In the Canadian Business magazine annual survey of the richest Canadians, Wilson was the fastest-rising climber on the Rich 100 list in 2011, jumping to 15 from 49 in 2010.
Wilson, a University of Calgary economics graduate, owns about 10 per cent of Lululemon, which has a current stock value of about $5.6 billion.
Day said the laid-back, community-oriented and self-motivational culture Wilson created will continue at the company, which has marketed itself as not only a clothing brand but a lifestyle choice.
“Chip has created a legacy that has inspired the world, and the mantle of leadership and care for the culture, values and mission of Lululemon is now in our hands,” she said. “I am proud to be leading Lululemon and excited about our future.”
Lululemon, a household name in Canada, is growing in popularity in the United States and Australia, where the company continues to open new stores.
While other specialty clothing retailers struggle in a tough economy, Lululemon has consistently boosted quarterly profits and revenues.
Lululemon opened its first store in 1998 in Vancouver and has expanded to 151 stores.
— The Canadian Press