The Lululemon logo can be seen at its Manhattan store.
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Activist investor Elliott Investment Management acquired more than $1 billion in stock. lululemon athletica A person familiar with the matter told CNBC that the company is bringing potential CEO candidates to the table.
Lululemon stock rose 6% in early trading Thursday.
Lululemon announced last week that Chief Executive Officer Calvin McDonald will step down effective January 31, following a year of poor performance at Lululemon.
Elliott has collaborated with us before. ralph lauren CFO and COO Jane Nielsen is a potential candidate, the people said, asking not to be identified discussing confidential matters.
In a news release announcing McDonald’s departure, the company said its board was working with a “major executive search firm” to find its next CEO. The leadership changes come as Lululemon founder Chip Wilson called for change at the company, saying earlier this year that the company’s performance was “in free fall.”
The sports apparel company faces an increasingly crowded landscape with entry into the athleisure space such as Vuori and Alo Yoga.
Nielsen worked at Ralph Lauren from 2016 until April. Prior to that, Coach and pepsico.
Elliott has also acquired stakes in other companies this year, including more than $2 billion in stakes. working day and $4 billion in PepsiCo stock. The Wall Street Journal earlier reported on Elliott’s Lululemon stock.
