Lululemon has named former Nike executive Heidi O’Neill as its new chief executive. O’Neill will take up the role on 8 September 2026 and will also join the retailer’s board.
She succeeds former chief executive Calvin McDonald, who left the business at the end of January after almost eight years in the role. Meghan Frank and André Maestrini will continue to serve as interim co-chief executives until O’Neill joins the company.
The appointment comes at a challenging time for Lululemon, which has faced slowing sales, increased competition from activewear rivals including Alo Yoga and Vuori, and pressure from founder Chip Wilson over the composition of its board.
Shares in the retailer fell after the announcement, with Reuters reporting that the stock dropped around 12 per cent as investors questioned whether O’Neill was the right choice to lead the company through its current turnaround.
O’Neill spent more than 25 years at Nike and most recently served as its president of consumer, product and brand, overseeing the sportswear giant’s global product engine, brand strategy and consumer operations.
Lululemon said she had helped Nike grow from a business with more than $9bn in sales to a $45bn-plus global brand during her time at the company.
Lululemon executive chair Marti Morfitt described O’Neill as “an inspiring leader and proven, consumer-driven brand strategist”, adding that the board had selected her for her experience in delivering large-scale growth and “breakthrough ideas”.
O’Neill said Lululemon had “genuine guest love” and a “product ethos rooted in innovation”, adding that her focus would be on accelerating product breakthroughs, deepening the brand’s cultural relevance and unlocking international growth.
Her appointment follows a turbulent period for the business.
Lululemon has been under pressure in North America as sales growth slows and consumers shift towards newer activewear brands, while investors have raised concerns over product innovation, marketing and execution.
The retailer is also facing a proxy battle with founder Wilson, who has been pushing for changes to the company’s board. Reuters reported that Wilson, who owns around 4.3 per cent of the business, continues to believe a board overhaul should have taken place before a new chief executive was appointed.
O’Neill’s background is likely to draw close scrutiny. While she brings deep experience in global sportswear, brand building and direct-to-consumer retail, her time at Nike also overlapped with a period in which the business faced criticism over product fatigue, slowing demand and its shift away from wholesale partners.
According to a regulatory filing, O’Neill will receive a base salary of $1.4m, a target annual bonus equal to 200 per cent of salary, and annual equity awards worth around $10m. She will also receive one-off equity grants worth $7m and a $2m retention bonus.
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