Lululemon names former Nike executive Heidi O'Neill CEO in September
Business
Lululemon just picked Heidi O'Neill, who used to run things at Nike, as its new CEO.
The move comes after a tough year; Lululemon's stock dropped 38% and sales in the US have been slipping.
O'Neill will replace Calvin McDonald in September, who stepped down at the end of January.
Lululemon faces investor pressure and competition
O'Neill is known for her brand and product skills from Nike, and she is expected to help Lululemon turn things around.
The company is also facing pressure from investors and its own founder to fix management issues, plus more competition from brands like Alo Yoga and cheaper alternatives.
For now, two interim co-CEOs are keeping things steady until O'Neill officially takes over.