Lululemon named former Nike vice president Maggie Gauger chief product officer and appointed Joseph Godsey chief operating officer as CEO Heidi O'Neill overhauls the company's leadership. Gauger joins October 26 as Lululemon faces product missteps and an expected 40% drop in net income this year.
Lululemon named Maggie Gauger, a former Nike vice president and most recently CEO of Gap's Athleta brand, chief product officer. She will join the company on October 26, taking charge of product after missteps that have triggered consumer backlash and recalls.
The company also appointed Joseph Godsey chief operating officer. Chief brand officer Nikki Neuburger and chief supply chain officer Ted Dagnese will leave effective November 6; CFO Meghan Frank will oversee global brand and technology functions while Lululemon searches for replacements. O'Neill called the appointments an important first step toward reinvigorating the company's connection with customers and establishing a foundation for long-term growth.
Lululemon is seeking to regain its footing against newer rivals and keep pace with changing customer preferences beyond its signature leggings. Its shares have nearly halved this year and are on track for a third straight year of declines, while net income is expected to fall nearly 40% this year from fiscal 2024.
