Lululemon names former Nike executive Heidi O’Neill as CEO amid pressure

Lululemon chose Heidi O’Neill, a longtime Nike executive with experience in consumer strategy, product innovation and digital commerce, to take over as chief executive as the company works through slowing growth, a weak outlook and mounting investor pressure.

The company said O’Neill will start on September 8, 2026, and join the board at the same time. She will be based in Vancouver, British Columbia, and the board said it unanimously approved her appointment after a comprehensive search. Her hire comes after Lululemon’s leadership transition from Calvin McDonald, who said in December 2025 that he would step down as CEO effective January 31, 2026 and stay on as a senior adviser through March 31, 2026.

The move points to a strategic reset at a moment when Lululemon’s growth engine has lost some momentum. The company said fourth-quarter revenue rose 1% to $3.6 billion, while full-year fiscal 2025 revenue increased 5% to $11.1 billion. But its fiscal 2026 outlook disappointed investors, with North America revenue projected to fall 1% to 3% and total revenue expected to rise only 2% to 4%.

O’Neill’s background helps explain what the board appears to be prioritizing. Nike said she joined in 1998 and went on to lead its marketplace, four geographic operating regions, Nike Direct, and its women’s business. Lululemon said it was looking for a leader with experience in product innovation, digital transformation and brand growth at scale. That combination suggests the company is betting the next stage of expansion will not come from one product category alone, but from a broader reinvention of the brand and its merchandising mix.

That question matters because Lululemon is already under pressure on several fronts. Founder Chip Wilson has been engaged in a proxy fight with the company, and activist investor Elliott Investment Management has also pushed for change. The board recently added former Levi Strauss chief executive Chip Bergh, another sign that governance and strategy are being reshaped together.

For investors, the hire of a former Nike executive carries a clear message: Lululemon is seeking a builder who has scaled consumer brands across channels, regions and product lines. Whether the next leg comes from international expansion, men’s apparel, footwear or a broader brand refresh, the board is signaling that the company’s growth story needs more than an incremental update.