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Exclusive: Lululemon close to CEO announcement

Athletic gear retailer Lululemon (LULU) is close to naming a new CEO, a source familiar with the matter tells Fortune.

The Vancouver-based company has been searching for a new chief since current CEO Christine Day announced plans to resign in June, pending a replacement.

Day at the time gave little explanation for her resignation, telling Fortune’s Colleen Leahey in an interview, “My values include discretion.” Fortune later reported that the relationship between Day and founder/chairman Chip Wilson had soured beyond repair.

Day joined Lululemon from Starbucks (SBUX), where she ran the company’s Asia Pacific operations. In 2012 she ranked No. 45 on Fortune’s ranking of the Most Powerful Women in international business.

The transition comes at a critical time for Lululemon. Earlier this year the company struggled with quality problems, amid a batch of see-through yoga pants. In November Wilson blamed customers, saying on Bloomberg TV, “Quite frankly some women’s bodies just actually don’t work for it.” He later apologized for the remarks.

Lululemon did not respond to Fortune’s requests for comment.