The fallout from the latest wardrobe malfunction at Lululemon Athletica Inc. (TSX:LLL) continued Tuesday as the stock plunged following news that the woman who helped build the company’s reputation plans her departure.
Chief executive Christine Day’s announcement late Monday came as a surprise to most and overshadowed better-than-expected earnings at the athletic clothing retailer. Lululemon has soared to a level of unprecedented success in recent years by exploiting a retail category that was practically untapped when it first hit the scene. Day, who will remain as CEO while the board searches for a replacement, provided little explanation for her departure.