Lululemon Athletica Inc.
named a new chief financial officer Friday, selecting Meghan Frank, one of the interim CFOs the athleisure-wear company named in April.
The Vancouver, British Columbia-based company said Ms. Frank would become sole CFO on Monday. Ms. Frank had shared the interim co-CFO post with Alex Grieve, the company’s controller, following the departure of former CFO Patrick Guido. Mr. Grieve will remain in his role as controller, the company said.
Ms. Frank joined Lululemon in 2016 as senior vice president of financial planning and analysis. She previously held senior-level roles at
Ross Stores Inc.
and J.Crew Group Inc.
Ms. Frank steps into her role as coronavirus restrictions reshape business, sending much of it online. Lululemon’s digital sales surged 157% in the quarter ended Aug. 2 compared with a year earlier, while in-store sales decreased due to temporary store closures and reduced operating hours, Lululemon said in September. Net revenue rose 2% to $902.9 million.
The company also recently expanded into the home-fitness industry. In July, it acquired Mirror, the company behind a tech-enabled mirror with cameras and speakers that people can use to take part in live fitness classes.
“Earlier this year, when we started to navigate the Covid-19 environment, Meghan confidently took on more responsibility within the company and demonstrated agility, business acumen and natural leadership skills,” Lululemon Chief Executive Calvin McDonald said in release on Friday.
Ms. Frank will be Lululemon’s first female CFO, the company said. About 13% of companies in the Fortune 500 and S&P 500 currently have a woman as their finance chief, roughly on par with last year, according to Crist|Kolder Associates, a recruitment firm.
Lululemon declined to make Ms. Frank available for an interview.
—Matt Grossman contributed to this article.
Write to Kristin Broughton at [email protected]
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