The athleisure retail giant said Tuesday that Sun Choe, its chief product officer for almost six years, has resigned and will leave later this month. The company will not replace her role and will instead restructure the product development team. Lululemon shares closed down more than seven per cent on the Nasdaq on Wednesday. (The Logic)

Talking point: Lululemon posted slower fourth-quarter U.S. sales growth for 2023, as it faces an increasingly competitive activewear market. The company described the restructuring as a strategic change to “accelerate product innovation.” Global creative director Jonathan Cheung will report directly to CEO Calvin McDonald to run product design, while a new merchandising and brand team will scale its “go-to-market strategies.” Nikki Neuburger, currently chief brand officer, will become chief brand and product activation officer. Some analysts raised concerns that Choe’s departure could foreshadow further sales weakness.