What happened: Lululemon (LULU) stock sank 5% in after-hours trading on Wednesday.
What’s moving the stock: The athleisure company picked Nike (NKE) veteran Heidi O’Neill as its next CEO. O’Neill has over three decades of experience in the performance apparel industry. Her experience includes overseeing Nike’s product pipeline, brand voice, and operations, said Lululemon in a statement.
O’Neill will start as CEO and join the board effective Sept. 8.
What else you should know: Lululemon has struggled in recent years amid stiff competition and changing tastes in the athleisure market. In December, the company said it was in search of a new CEO after announcing the departure of Calvin McDonald.
The stock is down more than 20% year to date. It has struggled to regain traction after touching all-time highs in 2023 during the pandemic.
Ines Ferre is a senior business reporter for Yahoo Finance. Follow her on X at @ines_ferre.
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