Lululemon Athletica Inc

Lululemon shares plunged 12% after appointing Heidi O'Neill, a former Nike executive, as CEO. The move comes as the company faces weak U.S. sales and a proxy fight.

Lululemon Athletica has selected Heidi O'Neill, a former Nike executive with over 25 years of experience, as its new chief executive. The appointment comes amid a proxy battle with founder Chip Wilson and activist investor Elliott Investment Management, alongside a 4% decline in Americas revenue last quarter.

Lululemon's stock declined following a 2026 outlook that fell short of Wall Street expectations, despite the company reporting better-than-anticipated fourth-quarter results. The apparel retailer also announced the appointment of former Levi's CEO Chip Bergh to its board.

Lululemon shares fell in premarket trading following a new proxy filing from founder Chip Wilson, who is seeking board changes. The stock has declined significantly this year.

Nike stock closed slightly lower after an 8% intraday swing following a Supreme Court tariff ruling. Investors now focus on a new 10% global tariff effective Tuesday and the company's upcoming March 19 earnings report.