Original Article featured on CNBC.com – June 11, 2013
Whether one believes Christine Day resigned as Lululemon’s CEO or was pushed out after her five-and-a-half year tenure, she is leaving not only at the right time but in the manner a true leader should.
Shortly after the announcement three months ago that Lululemon would recall the now infamous, see-through black Luon yoga pants, Chief Product Officer Sheree Waterson resigned. She was responsible for product quality, and her leaving at that time undoubtedly reinforced a culture where accountability means something.
Day’s duty extended to far more than damage control from “Sheergate.” She had to stabilize Lululemon, to quickly protect the brand and stay on a growth trajectory.
Lululemon’s first quarter ended May 5. In the press release announcing Day’s exit, the company also said it had posted a 21 percent gain in net revenue year over year, highlighted by 7 percent growth in same-store sales.
Those numbers illustrate that Day successfully completed her mission, accepting the consequences of a massive product recall while overseeing an orderly transition to her successor.
Companies of all sizes and in all industries give great lip service to having “a culture of accountability,” but few practice it the way Lululemon does. > > > Please read the complete article on CNBC.com