Lululemon Appoints Nike Exec Heidi O'Neill as CEO

Lululemon Athletica Inc., the Vancouver-based athletic apparel retailer known for its yoga pants and activewear, announced on Wednesday that it has appointed Heidi O'Neill, a former top executive at rival Nike Inc., as its next chief executive officer. O'Neill, 61, will assume the role on September 8 and also join the company's board of directors.

The appointment comes at a challenging time for Lululemon, which has faced slowing sales growth, particularly in North America, amid shifting consumer preferences toward looser-fitting styles and increased competition from brands like Alo Yoga and Vuori. The company's revenue reached $11 billion last year, but American sales contracted as price-conscious shoppers turned to more affordable alternatives. Lululemon's stock has declined more than 38 percent over the past 12 months, reducing its market value to about $18.8 billion, and shares fell as much as 7 percent in after-hours trading following the announcement.

O'Neill brings over 25 years of experience from Nike, where she most recently served as president of consumer, product and brand, overseeing areas like innovation, marketing and direct-to-consumer strategies. She left Nike...