After less than five years on the job, Laurent Potdevin is out as the CEO of lululemon.
“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,” wrote the Vancouver-based athletic apparel company in a statement announcing the departure. According to the release, Potdevin resigned from his position. Further details were not disclosed, but given the company’s strong financial results recently, it’s unlikely the conduct in question relates to Potdevin’s professional performance.
Potdevin will be compensated with $3.35 million in cash with a further $1.65 million paid monthly over the next year and a half. His resume includes positions at Louis Vuitton, Burton snowboards, and Toms shoes.
The vacancy expands the role of Executive Chairman Glenn Murphy, who has a wealth of experience in leadership positions at Gap, Shoppers Drug Mart, and Loblaw.
Murphy, who also serves as Chairman of the Board, expanded on Potdevin’s resignation: “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,” he said.
This means, of course, that lululemon is looking for a new CEO. “The Board of Directors has immediately begun a search process for a proven and highly-experienced global Chief Executive Officer,” reads the aforementioned statement.
So if you have the necessary skills and experience to guide a global empire to a targeted $4 billion in annual revenue by 2020, feel free to update your resume and drop off an application.