Exclusive: Lululemon close to CEO announcement

December 9, 2013: 11:38 PM ET

The maker of fitness and yoga gear is set to replace former Starbucks exec Christine Day

By Beth Kowitt and Jennifer Reingold

FORTUNE -- Athletic gear retailer Lululemon (LULU) is close to naming a new CEO, a source familiar with the matter tells Fortune.

The Vancouver-based company has been searching for a new chief since current CEO Christine Day announced plans to resign in June, pending a replacement.

Day at the time gave little explanation for her resignation, telling Fortune's Colleen Leahey in an interview, "My values include discretion." Fortune later reported that the relationship between Day and founder/chairman Chip Wilson had soured beyond repair.

MORE: Lululemon's failure to communicate

Day joined Lululemon from Starbucks (SBUX), where she ran the company's Asia Pacific operations. In 2012 she ranked No. 45 on Fortune's ranking of the Most Powerful Women in international business.

The transition comes at a critical time for Lululemon. Earlier this year the company struggled with quality problems, amid a batch of see-through yoga pants. In November Wilson blamed customers, saying on Bloomberg TV, "Quite frankly some women's bodies just actually don't work for it." He later apologized for the remarks.

Lululemon did not respond to Fortune's requests for comment.

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About This Author
Stephanie Mehta
Stephanie Mehta
Deputy Managing Editor , Fortune

Stephanie N. Mehta is the deputy managing editor at Fortune, overseeing technology coverage for Fortune. She also is a co-chair of the annual Brainstorm Tech conference, an annual gathering of tech and media thinkers. Previously, Mehta spent seven years as a tech writer at Fortune covering the telecom and media industries. She also has worked for the Wall Street Journal and the Virginian-Pilot in Norfolk, Va.

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