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Lululemon founder and chairman steps down

Sportswear brand Lululemon’s founder and chairman Chip Wilson will step down from his position at the company from June 2014.

Wilson will be replaced by lead board director Michael Casey, however Wilson, who owns 8.8% of the company’s stock- worth $800m (£488m) - will remain on the board.

Laurent Potdevin will succeed Christine Day as chief executive of the company from January, following Day’s resignation in June.

Day joined the brand in 2008 as executive vice president of retail operations after 20 years at Starbucks Corp, where she led the coffee chain’s Asia operations. She has since been credited with pushing Lululemon’s international expansion.

Potdevin’s most recent position was president of Toms Shoes, which he joined in 2011. Prior to that that Potdevin was president and chief operating officer at snowboarding firm Burton from 1995 until 2010.

In September, the company cut its annual profit forecast because the recall of the company’s black Luon trousers in March delayed the delivery of new apparel. The faulty merchandise, which accounted for 17% of the company’s’ overall trouser range, was pulled from stores because it was made with fabric that was too sheer.

Full-year sales at Lululemon for 2013 will be $1.64 bn (£1bn), down from a previous projection of $1.67bn (£1.07).

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