lululemon athletica (NASDAQ:LULU) 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.
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.