Christine Day will be stepping down as CEO of Lululemon (TSX:LLL; NASDAQ:LULU), the athletic clothing company announced yesterday.
Day, who has spent the past five years heading up the company, said she will continue to lead the company until a suitable replacement is found.
"Plans have been laid for the next five years and a vision set for the next 10," said Day. "Now is the right time to bring in a CEO who will drive the next phase of Lululemon's development and growth."
Lululemon has announced that it has formed a "search committee" to find Day's replacement and has enacted a succession plan.
The organization has also announced that it is voluntarily delisting from the Toronto Stock Exchange (TSX). A release from Lululemon cites low trading volumes that the company feels no longer justify the administrative expenses involved in maintaining the listing.
Lululemon's common stock – which fell 17% this morning to $70 on the news of Day's departure – will be delisted from the TSX at the close of trading June 24.
The company will remain listed on the NASDAQ.
