Laurent Potdevin, Chief Executive Officer of Lululemon Athletica Inc., an American yoga-inspired apparel athletic company that makes performance shirts, shorts, pants, lifestyle clothing, has resigned from his post with immediate effect.
Potdevin will no longer be a member of the company’s Board of Directors as well. He was appointed to Board in December 2013.
Reasons for his resignation are not yet known but media reports claim that an internal issue has led to his resignation. Also, there was a series of incidents that breached the company’s code of conduct. “The Board is responsible for protecting the organisation’s culture as it is at the core of Lululemon,” said Glenn Murphy, Executive Chairman of Board.
In a press statement issued, Lululemon Athletica mentioned that it expects all its workers to demonstrate the highest levels of integrity and respect for each other, and Potdevin failed to do so.
As per the ‘parting’ agreement inked between the company and Potdevin, the latter will get US $ 3.35 million in cash and the further US $ 1.65 million on monthly basis over the next 18 months.
A hunt to look for a new highly-experienced global CEO has now been kicked off by the retailer.