Lululemon Names Former Nike Executive O'Neill as CEO

Lululemon Names Former Nike Executive O’Neill as CEO

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4.23.2026

Quick Facts

Heidi O’Neill, former Nike president of consumer, product and brand, will become Lululemon CEO on September 8
O’Neill will start with a $1.4 million base salary and potential bonus of up to 200% of annual salary
Lululemon stock dropped 4.8% in after-hours trading following the announcement

Lululemon named former Nike executive Heidi O’Neill as its new CEO, effective September 8. O’Neill spent 26 years at Nike, most recently as president of consumer, product and brand.

The appointment comes as Lululemon faces significant challenges. Net revenue grew just 1% to $3.6 billion in the most recent quarter. Sales in the Americas, Lululemon’s largest market, fell 5% on a constant-dollar basis.

O’Neill helped grow Nike from $9 billion to roughly $45 billion during her tenure. She played a central role in overseeing product pipeline, brand voice, and operations.

“Heidi is an inspiring leader and proven, consumer-driven brand strategist,” said Marti Morfitt, executive chair of Lululemon’s board. The board unanimously supported O’Neill’s appointment.

Lululemon’s stock has dropped about 50% since June 2025, closing Wednesday at $163.45. The company’s “Power of Three x2” target of $12.5 billion revenue is now $2.7 billion off track, with Jefferies forecasting $11.1 billion in 2026.

O’Neill will earn a base salary of $1.4 million with potential bonuses up to 200% of annual salary. She will also receive annual equity awards of about $10 million, with 60% in performance-vesting restricted stock units.

“What drew me to this role is the intersection of extraordinary product, design and community,” O’Neill said. She noted watching Lululemon grow from its first Vancouver store into a global brand with distinctive product and loyal customers.

The company faces increased competition from brands like Alo Yoga and Vuori. Recent product issues, including see-through leggings, have concerned investors about innovation challenges.

Interim co-CEOs Meghan Frank and André Maestrini will continue leading until O’Neill takes over. Former CEO Calvin McDonald left in January after leading the company since 2018.