Lululemon CFO announces departure
Activewear and lifestyle brand Lululemon has announced that Patrick Guido, Chief Financial Officer, will depart the company, effective 8 May 2020.
Whilst 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 Frank and Grieve will report to Calvin McDonald, Chief Executive Officer of lululemon, on an interim basis.
Calvin McDonald, Chief Executive Officer of lululemon, said: “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 organisation.
“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.”
Earlier this month, lululemon announced a cut to senior leadership team salaries of 20% for the next three months amid the COVID-19 outbreak.
Lululemon reported better-than-expected sales and earnings for their fourth quarter, ending 2 February 2020. Revenue increased by 20% compared to the year previous, bringing full-year revenue to £3.275 billion.