Lululemon rises after Elliott takes over $1 billion stake
Shares of athletic wear maker Lululemon Athletica LULU.O rise 4.5% to $217.25 premarket
Activist investor Elliott Management has built a stake worth more than $1 bln in co and lining up a potential CEO candidate, a source told Reuters on Wednesday
Last week, co said CEO Calvin McDonald would step down in January after seven years in the role, without naming a successor
Elliott has been working closely for months with veteran retail executive Jane Nielsen, former chief financial officer and chief operations officer at Ralph Lauren RL.N, and views her as a potential CEO candidate - source
If the reports are to be confirmed, Elliot Management could become one of co's largest shareholders, according to data compiled by LSEG
LULU's U.S. sales have taken a hit in recent times, with its shares having dropped ~46% YTD
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