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Lululemon CEO Christine Day To Step Down

Christine Day, the CEO of athletic clothing maker Lululemon, is stepping down, the company announced in a press release Monday afternoon.

In March, the retailer was forced to recall its "Luon" yoga pants after reports that the pants were too sheer to wear. The company's stock price quickly plummeted as a result. At the time, the company said the episode could cost them $40 million in profit this fiscal year, according to Reuters.

The Associated Press reports:

Day has worked as CEO for more than five years.

Lululemon shares dropped about 9 percent in after-hours trading following the news.

This is a breaking news story, please check back for updates.

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