Lululemon Stock Sinks as Heidi O’Neill CEO Hire From Nike Fails to Calm Investors
Lululemon Athletica named former Nike executive Heidi O’Neill as its next CEO, sending shares down about 12% Thursday morning. O’Neill starts Sept. 8 amid a proxy fight and weak U.S. sales; the stock had already dropped 38% in the past year. Fourth-quarter revenue rose 1% to $3.6 billion, with Americas revenue down 4%. Wall Street analysts voiced skepticism over the appointment and company outlook.