Elliott Builds over $1 Billion Stake in Lululemon, Plans to Bring New CEO, WSJ Reports

Reuters12-18 17:22

Dec 17 (Reuters) - Activist investor Elliott Management has built a more than $1 billion stake in Lululemon Athletica and is proposing a new CEO candidate to turn around the company, the Wall Street Journal reported on Wednesday.

Lululemon shares jumped 4% in premarket trading.

Elliott has been working closely with veteran retail executive Jane Nielsen, a former CFO and COO at Ralph Lauren, whom it views as a potential CEO candidate for the struggling athletic apparel retailer, the report added, citing people familiar with the matter.

Last week, Lululemon Athletica raised its annual profit forecast while announcing that CEO Calvin McDonald would step down, without naming a successor.

Reuters could not immediately verify the report.

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