Lululemon’s CFO to Step Down Amid Coronavirus Crisis
Lululemon Athletica’s chief financial officer, Patrick Guido, will be leaving the Canadian athletic apparel maker on May 8. Guido, who joined Lululemon as finance chief in April 2018, will become auto retailer Asbury Automotive Group's chief financial officer, effective May 11.
While the company searches for Guido’s successor, Meghan Frank, senior vice president, financial planning & analysis, and Alex Grieve, vice president and controller, will lead the finance department on an interim basis and report to Calvin McDonald, Lululemon’s chief executive officer.
Guido has over 15 years of experience working in various finance functions at companies including The Home Depot and Saks, Inc. He joined Lululemon after a seven-year tenure at VF Corp., where he was most recently treasurer and VP of corporate development.
“We would like to thank PJ for his dedication and many contributions to lululemon," McDonald said in a statement. "Over the past two years, he has helped us to grow and strengthen lululemon’s finance organization.”
Lululemon has temporarily shut all of its locations across North America, as many retailers have done, in response to the coronavirus pandemic. The company has taken the step of reopening its stores in China earlier in April. Lululemon announced that it will be paying all of its workers through June 1, whether or not its stores reopen before then, and its senior leadership will take a 20% pay cut for the next few months.