Lululemon Athletica CFO departs
Apr 17, 2020
Lululemon Athletica announced on Thursday the departure of its chief financial officer.
The Vancouver-based athletic apparel retailer said in a statement Patrick Guido (PJ), who joined Lululemon in 2018, will leave the company “in order to assume a leadership position outside of the apparel industry," as of May 8, 2020.
Meghan Frank, senior vice president, financial planning and analysis, and Alex Grieve, vice president and controller, will lead the finance team, as the company searches for a successor.
“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 organization,” said Calvin McDonald, CEO of Lululemon.
“We are fortunate to have two leaders, Meghan and Alex, who are well prepared to take on expanded responsibilities and lead the finance organization on an interim basis.”
Both will report to McDonald on an interim basis.
Lululemon said the search for its next chief financial officer will begin immediately and will include both internal and external candidates.
The retailer posted net revenue of $4 billion, for the fiscal year ended February 2, 2020, though it is not immune to he impacts of Covid-19.
In February, it temporarily closed all of its retail locations in mainland China, followed by closures in North America, Europe, Malaysia, and New Zealand this month. It also closed its distribution center in Sumner, WA.
While locations in China have since reopened, their other stores across the globe remain closed.
The athleisure company has not shared a fiscal 2020 outlook.
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