Lululemon appoints former Nike executive O'Neill as new CEO.

Lululemon announced on Wednesday the appointment of Heidi O'Neill as the new CEO of the sportswear brand, effective September 8. Prior to this announcement, the company had been experiencing poor performance for over a year and was caught in a fierce battle over leadership rights, with founder Chip Wilson openly criticizing the company's management. Following the announcement, Lululemon's stock price fell over 5% in after-hours trading. O'Neill has held several key positions at Nike, helping the sportswear giant achieve growth, and has also worked at Levi's, Hyatt Hotels, and Spotify.