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Lululemon Athletica Inc.’s incoming chief executive Heidi O’Neill gave her first speech to the company’s employees this week, in which she pledged to put the athleisure brand back on track.
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“Since the announcement, some people have been underestimating me. Some have been underestimating Lululemon,” she said during a video to workers in the company’s headquarters in Vancouver. “That’s fine. We’ll let the work answer.”
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Since she was named as the CEO on April 22, Lululemon shares have declined 26 per cent amid concerns about her role in past missteps at her previous employer, Nike Inc.
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O’Neill won’t officially join the company until September, with the later start date due to an agreement with Nike. “September feels far away I know that, but I want you to know I am already thinking about this company every day,” she said.
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O’Neill said she’ll listen and learn before making decisions, adding that “this brand’s best work is still ahead.”
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Her priority will be to recapture sales growth, which has sputtered amid product mishaps and rising competition for yogawear. She also has to contend with Lululemon’s founder, Chip Wilson, who is agitating for changes to the board.
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The company confirmed the video was shown to a gathering of employees in Vancouver. A representative for O’Neill declined to comment.
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O’Neill previously addressed Lululemon staff in a letter after being named CEO.
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