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Lululemon's CEO Laurent Potdevin resigns over issue of conduct

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Lululemon Athletica Inc. says Laurent Potdevin has resigned as CEO effective immediately, saying he fell short of the company's standards of conduct.

"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," Glenn Murphy, executive chairman of Lululemon's board, said in prepared remarks.

The Vancouver-based maker of yoga pants and other athletic-inspired clothing didn't offer specifics but said Monday it expects all employees to exemplify the "highest level of integrity and respect for one another."

Prior to joining Lululemon, Potdevin was president of Toms Shoes and CEO of Vermont-based Burton Snowboards. Potdevin became CEO in January 2014.

"Culture is at the core of lululemon, and it is the responsibility of leaders to set the right tone in ourorganization," he added. "Protecting the organization's culture is one of the Board's most important duties."

Glenn Murphy, chairman of the board, said it's "the responsibility of leaders to set the right tone" and protecting the organization's culture is one of the board's most important duties.

Lululemon said it has begun to search for a successor. The company has been on a rebound as it upgrades its fabrics while pushing online sales and men's clothing.

Shares in Lululemon fell more than 3 percent after the announcement.

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