Lululemon Appoints New CEO

Heidi O’Neill is set to take the helm of Lululemon in September, arriving with a mandate to restore the brand's premium reputation and stabilize its market position.

The company's shares have tumbled nearly 40% in the last 12 months following a string of quality control issues and disappointing sales forecasts.

O’Neill, a seasoned veteran from Nike, will also join the board of directors as she navigates pressure from the company's founder.

Her leadership will be critical as Lululemon attempts to fend off growing competition in the highly competitive athleisure market.