Some chief executives arrive to momentum. Heidi O’Neill arrived at Lululemon to a to-do list. The former Nike president formally took over as the athletic-apparel company’s CEO on September 8, 2026, as the board had announced in April, succeeding interim co-CEOs Meghan Frank, who is also chief financial officer, and André Maestrini, president and chief commercial officer.
Who she is
O’Neill spent more than 25 years at Nike, most recently as president of consumer, product and brand. Before that she was president of consumer and marketplace, with profit-and-loss responsibility spanning more than 170 countries, and earlier led Nike’s global direct-to-consumer and digital business, according to Lululemon. Her résumé began in advertising at Foote, Cone & Belding and includes a stint as director of marketing for the Dockers brand at Levi Strauss & Co. She also serves on the boards of Spotify Technology, Hyatt Hotels and Lithia & Driveway, a portfolio that spans media, hospitality and retail.
“lululemon is an iconic brand with something rare: genuine guest love, a product ethos rooted in innovation, and a global platform still in the early stages of its potential.” — Heidi O’Neill, via Lululemon
Board chair Marti Morfitt described her as “an inspiring leader and proven, consumer-driven brand strategist.”
What she inherits
The numbers released five days before her start date define the brief. For the second quarter of fiscal 2026, Lululemon reported net revenue of $2.4 billion, down 4 percent, with comparable sales down 9 percent. Revenue in the Americas fell 8 percent while international revenue rose 4 percent. Gross margin, however, improved 200 basis points to 60.5 percent, and the company ended the quarter with 825 stores. It now expects full-year revenue of $10.35 billion to $10.50 billion.
Modern Retail reported that comparable sales in the Americas declined 12 percent. On the earnings call, Frank said: “As we moved into Q2, we faced negative commentary in the media and social channels.”
Governance, at least, is calmer than it was earlier this year. In May, Lululemon announced a cooperation agreement with founder Chip Wilson alongside the appointment of two new directors, Laura Gentile and Marc Maurer, according to the company’s press release archive.
The leadership test
O’Neill’s mandate is the one premium consumer brands everywhere are wrestling with: restoring desirability in a home market without sacrificing the pricing power that keeps margins strong. Her experience leading Nike’s direct-to-consumer and digital business is relevant to a company that operates 825 of its own stores, and her most recent remit, spanning consumer, product and brand, maps closely onto the questions raised by the latest quarter.
“We remain confident in our ability to take the right steps to strengthen our performance and deliver sustainable growth over time,” Maestrini said in the results release, adding that the company looked forward to welcoming O’Neill “as we begin an exciting new chapter for the company.” The first quarter fully under O’Neill’s leadership will show whether that confidence is shared by the customer.
See all sources
- lululemon Names Proven Brand Builder Heidi O’Neill as Chief Executive Officer, lululemon athletica inc., 2026-04-22
- lululemon athletica inc. Announces Second Quarter Fiscal 2026 Results, lululemon athletica inc., 2026-09-03
- Lululemon’s identity crisis continues, with comp sales down 9%, as it prepares to welcome new CEO, Modern Retail, 2026-09-03
- Press Releases, lululemon athletica inc., accessed 2026-09-15
Lead image: illustrative photo by eran design on Unsplash.
