Lululemon names Heidi O’Neill CEO

Heidi O’Neill will take the helm of Lululemon during a period of corporate turbulence, succeeding a leadership team that has struggled with recent product mishaps and a cooling sales outlook.

Shares of the company fell more than 5% following the announcement, reflecting investor uncertainty over the transition.

O’Neill, a veteran of Nike’s direct-to-consumer business, is expected to focus on restoring brand prestige and addressing supply chain issues.

The appointment marks a high-stakes leadership change for one of the world's most prominent athleisure brands.