Feb. 5 (UPI) -- Lululemon Athletica Chief Executive Officer Laurent Potdevin resigned from his position on Monday, the company announced.
The Canadian athletic wear company issued a statement announcing Potdevin's resignation as CEO and a member of its Board of Directors, effective immediately, citing conduct that did not meet the board's standards.
"Lululemon expects all employees to exemplify the highest levels of integrity and respect for one another, and Mr. Potdevin fell short of these standards of conduct," the company said.
The Board of Directors, including former Gap CEO Glenn Murphy, has begun a search for the company's next CEO.
"While this was a difficult and considered decision, the Board thanks Laurent for his work in strengthening the company and positioning it for the future," Murphy said. "Culture is at the core of lululemon, and it is the responsibility of leaders to set the right tone in our organization. Protecting the organization's culture is one of the Board's most important duties."
Murphy will take on a new role as executive chairman of the Board and guide the company until a new CEO is selected.
Three senior leaders -- Celeste Burgoyne, Sun Choe and Stuart Haselden -- also will take on additional responsibilities.
Burgoyne, executive vice president of the Americas will now oversee the company's international regions and brand marketing.
Choe, senior vice president of merchandising, will also work on product development, design and innovation.
Chief Operating Officer Stuart Haselden will oversee strategic planning as well as people and culture functions.
