A bold future starts with bold leadership. Your Board knows that having a world-class CEO who has the optimal combination of knowledge and skills is essential for lululemon’s next phase. Following a rigorous search process that evaluated a broad slate of highly qualified candidates across the retail and consumer landscape, the Board identified industry veteran Heidi O’Neill to be the company’s next CEO. Ms. O’Neill is the ideal executive to lead lululemon forward – bringing the unique balance of creativity and operational discipline required at this pivotal moment.

As the Board initiated the CEO search, we established criteria that encompassed both turnaround and growth experience. We recognize there are parts of lululemon’s business that need a reset, but that should not be the end game. The lululemon brand remains fundamentally strong and there is significant potential to innovate and evolve product and engage our communities to scale the business even further across activities and internationally. During the months-long interview process, Ms. O’Neill distinguished herself through a rare combination of deep industry, product, and brand experience as well as her strong track record of both transformation and growth at scale. She demonstrated an ability to clearly articulate the lululemon brand’s essence and future opportunity, while also bringing a pragmatic, execution-oriented mindset.

During Ms. O’Neill’s tenure at Nike, she oversaw the global consumer and product engine and helped shape the company’s connection with consumers and athletes worldwide. In her most recent role, Heidi was responsible for resetting the brand foundation while also reducing product development timelines to accelerate speed to market. She also spent over 15 years leading Nike’s apparel – inclusive of its merchandising, design, and innovation businesses – through a period of rapid growth. Ms. O’Neill established and built Nike’s Women’s business and grew it into a multi-billion-dollar franchise. And she led important digital transformations as an early digital champion and innovator, during a period of rapid digital commerce sales growth of more than 65%.¹

‍Just as important as Ms. O’Neill’s professional skills and operating track record are the deep respect she has for lululemon’s brand and her understanding of our culture. She knows the power of bringing the organization together around our shared mission and values, connecting every function to what makes lululemon special and truly differentiated in the market. She shares our belief that the strongest brands are built through authentic human connection and recognizes the unique relationship we have with our guests and the communities we have built. She believes in lululemon’s focus on mindful performance, empowering our guests to feel their best, perform their best, and reach their goals. She is passionate about wellbeing and sees the opportunity for growth that represents.

We have an outstanding team at lululemon that is already advancing our strategies to strengthen brand health, improve performance, and enhance shareholder value. Ms. O’Neill will have a strong foundation to build upon for a fast start as she accelerates our path forward. She is the right CEO at the right time to.