Lululemon named Heidi O'Neill, formerly Nike’s president of consumer, product and brand, as its new permanent CEO, effective September 8. She succeeds Calvin McDonald, who led the company since 2018 before departing in January. O’Neill joins amid turbulence: the athletic retailer has reported its slowest sales growth since its 2007 IPO, ceded market share to rivals including Alo Yoga and Vuori, and seen shares fall more than 21% year-to-date. Elliott Investment Management holds a stake of over $1 billion in the company, and founder Chip Wilson has publicly criticized the board. Lululemon’s interim co-CEOs will step aside when O’Neill joins.

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