According to athletic apparel retailer Lululemon, it’s CEO Laurent Potdevin has resigned, effective immediately, over misconduct.
Lululemon said that its CEO had “fell short of … standards of conduct” to respect employees and show integrity.
The announcement was made on Monday and the company’s board of directors is already searching for a replacement.
Potdevin will be removed from his position on the board as well.
Executive chairman of the company’s board, Glenn Murphy stated, “While this was a difficult and considered decision, the Board thanks Laurent for his work in strengthening the company and positioning it for the future.”
“Culture is at the core of lululemon, and it is the responsibility of leaders to set the right tone in our organization,” he added. “Protecting the organization’s culture is one of the Board’s most important duties.”
Potdevin has served with the company since January of 2014. He was president of Toms Shoes before that.
In the meantime, Celeste Burgoyne, Stuart Haselden and Sun Choe, three members in management, will be overseeing day to day operations.
“We believe this trio of leaders will take lululemon from strength to strength,” Murphy stated.
Disclaimer: We have no position in Lululemon Athletica inc. (NASDAQ: LULU) and have not been compensated for this article.