Who is Laurent Potdevin, and what did he do? The CEO of the Vancouver brand, Lululemon, just stepped down from his position - effective immedietly. Which means he either really wanted to retire or he did something really bad.
What do we know about Lululemon and their CEO? Well if we rewind a bit, you should recall that time when the former CEO of the athleisure mega-brand, Chip Wilson was in hot water regarding some comments he made about "certain women and their bodies not being suitable for the brand". Shortly after Wilson's resignation, Laurent Potdevin, the star of this article, was brought in as the CEO of our beloved yoga brand.
So what did he do? Well, it hasn't fully been disclosed but we can definitely guess based on the company's formal statement regarding Potdevin's resignation. "Lululemon expects all employees to exemplify the highest levels of integrity and respect for one another, and [Potdevin] fell short of these standards of conduct.."
The rumour mill is turning, let me tell you. Lululemon may have not specifically detailed what Potdevin actually did, but we can all guess what happened. With the encouragement of the #MeToo movement, and pushes for workplace equality, it wouldn't be surprising to me if this theme could be related to Potdevin's unexpecting resignation. Who did he not respect or treat with integrity? That line was particularly telling in their statement. Why else would he step down from the athleisure empire so quickly?
But don't feel too bad for Potdevin. He will receive a $3.35 million dollar cash payout from Lululemon in exchange for not suing the company. If I were him, I'd go on a nice long vacation while the dust settles.
In the meantime, we'll all be eagerly waiting to hear what exactly happened..
Update as of February 6th, 12:26 pm:
The vague statement regarding the CEO's resignation is not enough for shareholders. Advocates of Lululemon shareholders and analysts are calling for more information regarding the misconduct swirling around Potdevin. Shareholders are rightfully concerned about the future of the brand.
Potdevin's cash payout will amount to $5,000,000 in total over a year and a half time period.