Christine Day steps down as CEO of lululemon athletica

It’s been a tough year for lululemon athletica, and the Vancouver-based yoga apparel company will continue to see major changes over the next few months. Lululemon announced today (June 10) that the company’s chief executive officer, Christine Day, is stepping down after more than five years in that role.

"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. I will continue to actively lead the organization while the Board searches for a new CEO,” Day stated in a news release.

Day’s resignation from her role follows the departure of lululemon’s chief product officer Sheree Waterson in April. Waterson was released from the company after a product recall was issued for women’s bottoms that were made with black luon that contained an unacceptable “level of sheerness”.

The “luon setback” caused lululemon’s stock to briefly nosedive in April; however, the company has—for the most part—not suffered a great financial setback. According to its 2013 first quarter fiscal results, lululemon reported a 21 percent increase in revenue when compared to revenues reported at the same time last year.

“The past quarter has been one of the most important in our company's history,” Day said in the news release. “While we regret that we had quality issues with our black luon we are proud of the organization's ability to get luon delivered back into our stores within 90 days of having pulled it from our line, all the while keeping our guests happy and engaged with the brand.”

There is no doubt that the person who will fill Day’s position will have large shoes to fill; however, her successor will also be well compensated. In an April 30 regulatory filing, lululemon disclosed that the 51-year-old CEO was compensated $4.28 million in 2012.