Lululemon has named former Nike executive Heidi O\u2019Neill as its new chief executive. O\u2019Neill will take up the role on 8 September 2026 and will also join the retailer\u2019s board.<\/p>\n
She succeeds former chief executive Calvin McDonald, who left the business at the end of January after almost eight years in the role. Meghan Frank and Andr\u00e9 Maestrini will continue to serve as interim co-chief executives until O\u2019Neill joins the company.<\/p>\n
The appointment comes at a challenging time for Lululemon, which has faced slowing sales, increased competition from activewear rivals including Alo Yoga and Vuori, and pressure from founder Chip Wilson over the composition of its board.<\/p>\n
Shares in the retailer fell after the announcement, with Reuters reporting that the stock dropped around 12 per cent as investors questioned whether O\u2019Neill was the right choice to lead the company through its current turnaround.<\/p>\n
O\u2019Neill spent more than 25 years at Nike and most recently served as its president of consumer, product and brand, overseeing the sportswear giant\u2019s global product engine, brand strategy and consumer operations.<\/p>\n
Lululemon said she had helped Nike grow from a business with more than $9bn in sales to a $45bn-plus global brand during her time at the company.<\/p>\n
Lululemon executive chair Marti Morfitt described O\u2019Neill as \u201can inspiring leader and proven, consumer-driven brand strategist\u201d, adding that the board had selected her for her experience in delivering large-scale growth and \u201cbreakthrough ideas\u201d.<\/p>\n
O\u2019Neill said Lululemon had \u201cgenuine guest love\u201d and a \u201cproduct ethos rooted in innovation\u201d, adding that her focus would be on accelerating product breakthroughs, deepening the brand\u2019s cultural relevance and unlocking international growth.<\/p>\n
Her appointment follows a turbulent period for the business.<\/p>\n
Lululemon has been under pressure in North America as sales growth slows and consumers shift towards newer activewear brands, while investors have raised concerns over product innovation, marketing and execution.<\/p>\n
The retailer is also facing a proxy battle with founder Wilson, who has been pushing for changes to the company\u2019s board. Reuters reported that Wilson, who owns around 4.3 per cent of the business, continues to believe a board overhaul should have taken place before a new chief executive was appointed.<\/p>\n
O\u2019Neill\u2019s background is likely to draw close scrutiny. While she brings deep experience in global sportswear, brand building and direct-to-consumer retail, her time at Nike also overlapped with a period in which the business faced criticism over product fatigue, slowing demand and its shift away from wholesale partners.<\/p>\n
According to a regulatory filing, O\u2019Neill will receive a base salary of $1.4m, a target annual bonus equal to 200 per cent of salary, and annual equity awards worth around $10m. She will also receive one-off equity grants worth $7m and a $2m retention bonus.<\/p>\n