CEO of Lululemon Quits After Mysterious Conduct Breach
According to Financial Times, the CEO of Lulumeon, who has led the department since 2014 has taken leave immediately due to a conduct breach. There has been no explanation provided about the exact nature of the breach. Seems pretty sketchy to us.
Despite his departure, Laurent Potdevin is set to receive a total payout of 5 million dollars as he exits. Reported by Financial Times, “as part of the separation agreement, he will be paid $3.35 million immediately and an additional $1.65 million other the next 18 months.” That’s not a bad deal at all, especially after a breach of conduct.
According to people close to Lululemon, the decision happened after a “range of instance” involving the 50-year-old, that the company is keeping private to protect the details involved. Sounds pretty suspicious to me. I’m sure news will be leaked soon enough to bright to light the incident. Mr. Potdevin has not made any comment since his exit.
Lululemon has been scrutinized before after a customer scandal involving Chip Wilson, the company’s founder. Mr. Wilson resigned as chairman in 2013 after his very controversial comment blaming a product defect on women’s weight. “Some women’s bodies just actually don’t work” in the pants, Wilson said in an interview. Sales did decrease after that comment but Mr. Potdevin was able to move the company back on track. Here’s a photo of him with Justin Trudeau from his personal Instagram:
Lululemon’s Instagram or Twitter have not discussed the issue or posted in three days. Here was their last post:
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Source: Financial Times