Lululemon Athletica Inc. Announces Departure of Chief Financial Officer
April 16 2020 - 4:05PM
Business Wire
lululemon athletica inc. (NASDAQ:LULU) today announced that
Patrick (“PJ”) Guido, Chief Financial Officer, will depart the
company, effective May 8, 2020, in order to assume a leadership
position outside of the apparel industry. Mr. Guido joined
lululemon in 2018.
While the company begins the search to identify a successor,
Meghan Frank, Senior Vice President, Financial Planning &
Analysis, and Alex Grieve, Vice President and Controller, will lead
the finance team and ensure a smooth transition. Both will report
to Calvin McDonald, Chief Executive Officer of lululemon, on an
interim basis.
“We would like to thank PJ for his dedication and many
contributions to lululemon. Over the past two years, he has helped
us to grow and strengthen lululemon’s finance organization,” said
Mr. McDonald. “We are fortunate to have two leaders, Meghan and
Alex, who are well prepared to take on expanded responsibilities
and lead the finance organization on an interim basis.”
Mr. McDonald added, “I want to express my confidence in
lululemon’s leadership team and the strength of our business model,
which is enabling us to effectively navigate COVID-19 while
continuing to invest in our Power of Three growth strategy. We are
confident lululemon will attract an experienced Chief Financial
Officer who has successfully guided a broad-based portfolio.”
The company's search for its next Chief Financial Officer will
begin immediately and will include both internal and external
candidates.
About lululemon athletica inc.
lululemon athletica inc. (NASDAQ:LULU) is a healthy lifestyle
inspired athletic apparel company for yoga, running, training, and
most other sweaty pursuits, creating transformational products and
experiences which enable people to live a life they love. Setting
the bar in technical fabrics and functional designs, lululemon
works with yogis and athletes in local communities for continuous
research and product feedback. For more information, visit
WWW.LULULEMON.COM.
Forward-Looking Statements:
This press release includes estimates, projections, statements
relating to our business plans, objectives, and expected operating
results that are "forward-looking statements" within the meaning of
the Private Securities Litigation Reform Act of 1995, Section 27A
of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. In many cases, you can identify
forward-looking statements by terms such as "may," "will,"
"should," "expects," "plans," "anticipates," "outlook," "believes,"
"intends," "estimates," "predicts," "potential" or the negative of
these terms or other comparable terminology. These forward-looking
statements also include our guidance and outlook statements. These
statements are based on management's current expectations but they
involve a number of risks and uncertainties. Actual results and the
timing of events could differ materially from those anticipated in
the forward-looking statements as a result of risks and
uncertainties, which include, without limitation: our ability to
maintain the value and reputation of our brand; the acceptability
of our products to our guests; the recent COVID-19 coronavirus
outbreak and related government, private sector, and individual
consumer responsive actions; our highly competitive market and
increasing competition; our reliance on and limited control over
third-party suppliers to provide fabrics for and to produce our
products; suppliers or manufacturers not complying with our Vendor
Code of Ethics or applicable laws; the operations of many of our
suppliers are subject to international and other risks; an economic
downturn or economic uncertainty in our key markets; increasing
product costs and decreasing selling prices; our ability to
anticipate consumer preferences and successfully develop and
introduce new, innovative and updated products; our ability to
accurately forecast guest demand for our products; our ability to
safeguard against security breaches with respect to our information
technology systems; any material disruption of our information
systems; our ability to have technology-based systems function
effectively and grow our e-commerce business globally; changes in
consumer shopping preferences and shifts in distribution channels;
the fluctuating costs of raw materials; our ability to expand
internationally in light of our limited operating experience and
limited brand recognition in new international markets; global
economic and political conditions and global events such as health
pandemics; our ability to deliver our products to the market and to
meet guest expectations if we have problems with our distribution
system; imitation by our competitors; our ability to protect our
intellectual property rights; our ability to source and sell our
merchandise profitably or at all if new trade restrictions are
imposed or existing trade restrictions become more burdensome;
changes in tax laws or unanticipated tax liabilities; our ability
to manage our growth and the increased complexity of our business
effectively; our ability to cancel store leases if an existing or
new store is not profitable; increasing labor costs and other
factors associated with the production of our products in South and
South East Asia; our ability to successfully open new store
locations in a timely manner; our ability to comply with trade and
other regulations; the service of our senior management;
seasonality; fluctuations in foreign currency exchange rates;
conflicting trademarks and the prevention of sale of certain
products; our exposure to various types of litigation; actions of
activist stockholders; anti-takeover provisions in our certificate
of incorporation and bylaws; and other risks and uncertainties set
out in filings made from time to time with the United States
Securities and Exchange Commission and available at www.sec.gov,
including, without limitation, our most recent reports on Form 10-K
and Form 10-Q. You are urged to consider these factors carefully in
evaluating the forward-looking statements contained herein and are
cautioned not to place undue reliance on such forward-looking
statements, which are qualified in their entirety by these
cautionary statements. The forward-looking statements made herein
speak only as of the date of this press release and we undertake no
obligation to publicly update such forward-looking statements to
reflect subsequent events or circumstances, except as may be
required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20200416005857/en/
Investors: lululemon athletica inc. Howard Tubin
1-604-732-6124 or ICR, Inc. Joseph Teklits/Caitlin Churchill
1-203-682-8200
Media: lululemon athletica inc. Erin Hankinson
1-604-732-6124 or Brunswick Group Eleanor French 1-415-671-7676
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