Vancouver yogawear maker Lululemon Athletica Inc. (Nasdaq: LULU; TSX:LLL) announced April 3 that its chief product officer is leaving, effective April 15.
The move comes just weeks after the company endured ridicule and investor angst over a shipment of yoga pants that were so sheer they had to be recalled from stores.
Outgoing CPO Sheree Waterson joined Lululemon in 2008 and has more than 25 years of consumer and retail industry experience.
"We appreciate the many contributions that Sheree made during her time with Lululemon, particularly in the area of design," said Lululemon CEO Christine Day in a short statement.
Reasons for Waterson's departure were not disclosed. Nor did the terse press release include best wishes for her future.
Coincidentally, however, the company released a second statement April 3 – one that said that an investigation into the production issues of its popular black luon pants revealed that a combination of the fabric with "subtle style changes in pattern" resulted in the "unacceptable level of sheerness."
Changes in leadership, Lululemon said, are part of the key to address causes for the mishap.
"Lululemon is building a stronger internal structure with new leadership and cross-functional team capability that we believe will create a more robust organization to support our long-term growth strategy," the company noted in its second release.
