Canadian athleisurewear maker Lululemon Athletica is the latest to announce the exit of its CFO, after a string of company’s announcement of the resignation of top-level executives.
Patrick Guido, who joined the company in 2018, after seven successful years at VF Corp, will be taking his leave on 8 May to pursue interests outside the apparel industry.
The role will now be fulfilled by senior Vice President Meghan Frank and Controller Alex Grieve who will jointly oversee the workings of the finance team till a suitable successor is found.
Notably, in the hours after the news, Lululemon’s shares fell 1.5 per cent.
Speaking on the news, Calvin McDonald, who took on the role of Chief Executive Officer in 2018 as well, said, “We are confident Lululemon will attract an experienced Chief Financial Officer who has successfully guided a broad-based portfolio.”
Lululemon had earlier announced that the executive-level management will be taking a pay cut of 20 per cent during this crisis as the company’s stores in Australia, New Zealand, Malaysia and all of Europe remain shut due to lockdowns.