Please ensure Javascript is enabled for purposes of website accessibility

Lululemon athletica’s CFO Leaves the Company

By Demitri Kalogeropoulos – Apr 16, 2020 at 7:01PM

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

The search for a full-time replacement has already started.

lululemon athletica (LULU 0.14%) announced a major change to its management team on Thursday. Chief Financial Officer Patrick Guido is leaving the company effective early next month, the apparel-specialist said.

Guido will be taking a leadership position at another company that operates outside of the apparel industry, according to Lululemon. "We would like to thank [Patrick] for his dedication and many contributions to lululemon," CEO Calvin McDonald explained in a press release. "Over the past two years, he had helped us grow and strengthen lululemon's finance organization." The chain has posted significant sales gains in that time, along with increasing gross profit margin.

A woman holds a yoga pose.

Image source: Getty Images.

The finance division will be headed up on an interim basis by two executives, Meghan Frank and Alex Grieve, while the company looks for a permanent replacement.

That search has already started, which makes sense given the financial pressures in the industry today. Lululemon said in early April that it's busy looking for ways to reduce cash outflow without sacrificing attractive growth initiatives, even as most of its stores remain closed due to social-distancing guidelines.

Demitrios Kalogeropoulos has no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends Lululemon Athletica. The Motley Fool has a disclosure policy.

Invest Smarter with The Motley Fool

Join Over 1 Million Premium Members Receiving…

  • New Stock Picks Each Month
  • Detailed Analysis of Companies
  • Model Portfolios
  • Live Streaming During Market Hours
  • And Much More
Get Started Now

Stocks Mentioned

Lululemon Athletica Inc. Stock Quote
Lululemon Athletica Inc.
LULU
$310.48 (0.14%) $0.43

*Average returns of all recommendations since inception. Cost basis and return based on previous market day close.

Related Articles

Motley Fool Returns

Motley Fool Stock Advisor

Market-beating stocks from our award-winning analyst team.

Stock Advisor Returns
339%
 
S&P 500 Returns
109%

Calculated by average return of all stock recommendations since inception of the Stock Advisor service in February of 2002. Returns as of 10/06/2022.

Discounted offers are only available to new members. Stock Advisor list price is $199 per year.

Premium Investing Services

Invest better with The Motley Fool. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services.