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Lululemon has announced that its CFO, Patrick Guido, will be stepping down to assume a position outside of the apparel industry, effective 8 May.
Guido, who joined the brand in 2018, has previously held positions at VF Corporation and The Home Depot.
Lululemon has also commenced the search process to identify a successor, and said it would consider both internal and external candidates.
Senior vice president of financial planning Meghan Frank and vice president and controller Alex Grieve will lead the finance team and “ensure a smooth transition”. Both will report to Calvin McDonald, chief executive officer of Lululemon, on an interim basis.
McDonald said: “We would like to thank [Patrick] for his dedication and many contributions to Lululemon. Over the past two years, he has helped us to grow and strengthen Lululemon’s finance organisation.
“We are fortunate to have two leaders, Meghan and Alex, who are well prepared to take on expanded responsibilities and lead the finance organisation on an interim basis.”
He added: “I want to express my confidence in Lululemon’s leadership team and the strength of our business model, which is enabling us to effectively navigate Covid-19 while continuing to invest in our Power of Three growth strategy.
“We are confident Lululemon will attract an experienced chief financial officer who has successfully guided a broad-based portfolio.”
