Lululemon CEO Abruptly Leaves Over Misconduct

Yoga-wear company Lululemon made the surprise announcement Monday that it was looking for a new CEO. But the reason why Laurent Potdevin abruptly stepped down wasn't spelled out in detail by the Canadian company, notes Bloomberg. “Lululemon expects all employees to exemplify the highest levels of integrity and respect for one another,” says a brief company statement. "Mr. Potdevin fell short of these standards of conduct.” The 50-year-old Potdevin will get $3.35 million in cash, plus another $1.65 million over 18 months as part of his exit package. Company shares, which had rallied 20% over the last year, fell 4% on the news, notes the Wall Street Journal. (More Lululemon stories.)