Lululemon Athletica Inc. (NASDAQ: LULU) has announced significant changes to its product and brand team, along with the departure of Sun Choe, the chief product officer. The company will not be replacing the role of the chief product officer, signaling a shift towards an updated and more integrated organizational structure.
Effective immediately, Jonathan Cheung, the global creative director, will now report directly to CEO Calvin McDonald and will be responsible for driving the product design and innovation roadmap. This move aims to accelerate product innovation and further enable the company's go-to-market strategies.
Additionally, a new team comprised of leaders from the merchandising and brand functions will be created to scale the company's global and regional go-to-market strategies. Nikki Neuburger will assume the position of chief brand & product activation officer, taking on oversight of merchandising, footwear, and product operations, in addition to her current responsibilities leading the brand. Elizabeth Binder, the chief merchandising officer, will now report to Neuburger.
Lululemon is set to report its financial results and earnings for the first quarter of 2024 on Wednesday, June 5, following the market close. This announcement comes as the company aims to support its near* and long-term growth plans and strengthen its position as a product-led organization with dynamic leaders ready to drive the business forward. Today the company's shares have moved -6.4% to a price of $302.18. For more information, read the company's full 8-K submission here.
