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June 11, 2013 / 10:43 AM

Lululemon CEO steps down following pants scandal

[Lululemon]

[Lululemon]

Lululemon Athletica Inc. announced Monday that Christine Day will be stepping down as the company's Chief Executive Officer as soon as a successor is found.

Day's decision comes almost two months after Lululemon was involved in a scandal regarding the recall of a large batch of black pants over a "coverage problem."

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The see-through bottoms were immediately replaced from shelves in a move that reportedly cost the company around $20 million.

“Plans have been laid for the next five years and a vision set for the next ten. Now is the right time to bring in a CEO who will drive the next phase of Lululemon’s development and growth," Day said in a statement. "I will continue to actively lead the organization while the board searches for a new CEO, and will work to ensure a smooth transition.”

During Monday's First Quarter Fiscal 2013 results call, the company announced it had a gross profit increase of 9 percent and a 10 percent decrease in income from operations.

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