Chip Wilson, the controversial co-founder and chairman of Lululemon, has resigned from his position. Laurent Potdevin, recently the president of TOMS Shoes, was announced as the new chief executive.
This is certainly not the first time Wilson has raised eyebrows — from extolling the benefits of child labor, to saying that his company's name is a marketing tool in Japan because "it's funny to watch them try and say it," the man has been speaking without a filter for years. His departure comes after his apology last month for saying that his company's yoga pants "don't work for some women’s bodies."
Analyst Sam Poser, who downgraded the company's stock last month, wrote then that "the core Lululemon customer has been alienated and will begin to look for yoga and active-wear pants from the likes of Nike, Under Armour, Athleta and numerous other brands."