Lululemon Athletica Inc. (TSX: LLL) has formed a search committee to find a new CEO after current CEO Christine Day’s announcement of stepping down.
“Plans have been laid for the next five years and a vision set for the next 10. Now is the right time to bring in a CEO who will drive the next phase of Lululemon’s development and growth,” Day said in a statement.
Day will remain on the job until the board of directors finds a new CEO.
The yoga-wear retailer also reported a net income of $47.3 million for the first quarter, or 32 cents per share. Net revenue for the first quarter was reported at $345.8 million, a 21 percent rise compared to the $285.7 million revenue last year.
Due to minimal trading volumes of its shares, the company said it has notified the TSX to delist its common stock, but it will continue to be listed on the NASDAQ.
Lululemon experienced problems earlier this year with one of its pants products, having to recall the product from store shelves. The recall had significant impact on the company’s financial results, the company said.