One of the largest Vancouver-based corporations no longer has a CEO.

Lululemon athletica announced today that the board has accepted the resignation of Laurent Potdevin, effective immediately.

According to a company statement, "lululemon expects all employees to exemplify the highest levels of integrity and respect for one another, and Mr. Potdevin fell short of these standards of conduct."

The statement did not disclose what Potdevin did to warrant such an extraordinary declaration.

Glenn Murphy has been named executive chairman as the technical apparel maker conducts a search for a new CEO.

"While this was a difficult and considered decision, the board thanks Laurent for his work in strengthening the company and positioning it for the future," Murphy said. "Culture is at the core of lululemon, and it is the responsibility of leaders to set the right tone in our organization. Protecting the organization's culture is one of the board's most important duties."

In the meantime, three executives have taken on new responsibilities.

Executive vice president for the Americas, Celeste Burgoyne, "will oversee all channel and brand-facing aspects of the global business, including stores and e-commerce, as well as brand marketing:.

Chief operating officer Stuart Haselden "will have responsibility for all operations related to finance, supply chain, people, and technology".

The senior vice president of merchandising, Sun Choe, "will guide all aspects of product development, design, innovation, and merchandising".

The company was founded by Vancouver billionaire Chip Wilson in 1998.

He resigned as a director in 2015 and last year, he publicly criticized lululemon's decision to hold a "virtual annual general meeting" rather than a traditional in-person meeting of shareholders.