Lululemon Appoints New CFO, Jonathan T. Chang

TL;DR

LULU names Jonathan T. Chang new CFO, starting June 10th. Big equity grant incoming.

AI Summary

Lululemon Athletica Inc. announced on May 15, 2024, the appointment of Jonathan T. Chang as Chief Financial Officer, effective June 10, 2024. Chang will receive an annual base salary of $650,000 and will be eligible for a discretionary annual bonus with a target of 100% of his base salary. He will also receive a new hire equity award valued at $5,000,000, vesting over four years.

Why It Matters

The appointment of a new CFO is a significant leadership change that can impact investor confidence and the company's financial strategy moving forward.

Risk Assessment

Risk Level: medium — Changes in key executive positions like CFO can introduce uncertainty regarding future financial strategies and performance.

Key Numbers

• $650,000 — CFO Base Salary (Annual compensation for Jonathan T. Chang.)
• 100% — CFO Bonus Target (Potential annual bonus for Jonathan T. Chang.)
• $5,000,000 — CFO Equity Award (New hire equity grant for Jonathan T. Chang.)

Key Players & Entities

• Lululemon Athletica Inc. (company) — Registrant
• Jonathan T. Chang (person) — Appointed Chief Financial Officer
• $650,000 (dollar_amount) — Annual base salary for new CFO
• 100% (dollar_amount) — Target annual bonus percentage for new CFO
• $5,000,000 (dollar_amount) — New hire equity award value for new CFO
• June 10, 2024 (date) — Effective date for new CFO
• May 15, 2024 (date) — Date of report

FAQ

From the Filing

0001397187-24-000016.txt : 20240521 0001397187-24-000016.hdr.sgml : 20240521 20240521170145 ACCESSION NUMBER: 0001397187-24-000016 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 16 CONFORMED PERIOD OF REPORT: 20240515 ITEM INFORMATION: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20240521 DATE AS OF CHANGE: 20240521 FILER: COMPANY DATA: COMPANY CONFORMED NAME: lululemon athletica inc. CENTRAL INDEX KEY: 0001397187 STANDARD INDUSTRIAL CLASSIFICATION: APPAREL & OTHER FINISHED PRODS OF FABRICS & SIMILAR MATERIAL [2300] ORGANIZATION NAME: 04 Manufacturing IRS NUMBER: 203842867 STATE OF INCORPORATION: DE FISCAL YEAR END: 0202 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-33608 FILM NUMBER: 24970434 BUSINESS ADDRESS: STREET 1: 1818 CORNWALL AVENUE CITY: VANCOUVER STATE: A1 ZIP: V6J 1C7 BUSINESS PHONE: 604-732-6124 MAIL ADDRESS: STREET 1: 1818 CORNWALL AVENUE CITY: VANCOUVER STATE: A1 ZIP: V6J 1C7 FORMER COMPANY: FORMER CONFORMED NAME: Lululemon Corp. DATE OF NAME CHANGE: 20070420 8-K 1 lulu-20240515.htm 8-K lulu-20240515 0001397187 false 0001397187 2024-05-15 2024-05-15 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549   FORM 8-K   CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 May 15, 2024 Date of Report (Date of earliest event reported) lululemon athletica inc. (Exact name of registrant as specified in its charter)   Delaware 001-33608 20-3842867 (State or other jurisdiction of incorporation) (Commission File Number) (IRS Employer Identification No.) 1818 Cornwall Avenue Vancouver , British Columbia Canada , V6J 1C7 (Address of principal executive offices, including Zip Code) Registrant's telephone number, including area code: ( 604 )  732-6124 Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading symbol(s) Name of each exchange on which registered Common Stock, par value $0.005 per share LULU Nasdaq Global Select Market Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: ☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) ☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) ☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) ☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐ Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers On May 15, 2024, Michelle Choe resigned from her position as Chief Product Officer. Ms. Choe will remain active in the business through the end of May and her employment will terminate effective June 21, 2024. A copy of the press release we issued in connection with these changes is attached as Exhibit 99.1 Item 9.01. Financial Statements and Exhibits.  (d) Exhibits. Exhibit No.    Description 99.1    Press release issued on May 21, 2024. 104 Cover Page Interactive Data File