Lululemon Athletica Inc.’s share price fell more than 13 per cent a day after the retailer named a new CEO.
The Vancouver-based company’s shares ended Thursday trading on the Nasdaq at about US$141.
The day before, Lululemon announced former Nike executive Heidi O’Neill will join the company as its next CEO and new board member on Sept. 8.
Laurent Vasilescu, senior analyst with BNP Paribas Equity Research, said Thursday’s price drop is a sign that the market is disappointed Lululemon chose O’Neill as its next CEO.
Given that Lululemon’s announcement credited her with helping to grow Nike from a $9-billion business into a $45-billion athletic brand, and quoted
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