Lululemon Athletica Inc. has appointed its first female CFO.
The activewear giant announced today the promotion of Meghan Frank to the role of finance chief, effective Nov. 23. The executive, who was hired at the company back in 2016, has served as interim co-CFO, along with VP and controller Alex Grieve, since April.
As CFO, Frank will assume responsibility for the brand’s finance, tax, treasury, investor relations, asset protection, facilities, operations excellence and strategy functions departments.
“I’m honored to be taking on this role and working alongside an incredibly talented leadership team,” Frank said. “We continue to see many opportunities ahead for Lululemon, and I’m excited to be part of the journey as we further build on our momentum and work to deliver on our strategic growth priorities.”
CEO Calvin McDonald added, “Meghan has a unique and comprehensive understanding of retail gained through her experience across finance and merchandise planning. Earlier this year, when we started to navigate the COVID-19 environment, Meghan confidently took on more responsibility within the company and demonstrated agility, business acumen and natural leadership skills. I’m thrilled to be working closely with her in her new role and benefiting from her strategic insights.”
Frank has more than 20 years of experience within the retail industry. Upon joining the athletic apparel and accessories firm, she held the post of SVP of financial planning and analysis. Prior to Lululemon, she held senior positions at Ross Stores and J.Crew, where she served for nearly a decade. She earned her bachelor of arts degree from Colgate University in New York.
The move to hire its first female CFO comes a month after the Vancouver-based chain unveiled its inaugural Impact Agenda — a long-term strategy to become a more equitable business through inclusion and diversity, as well as minimize its environmental impact. It set 12 ambitious goals, which involve commitments to invest $75 million into wellbeing programs by 2025, expand to full pay equity for its employees by 2022 and make 100% of its products with sustainable materials by 2030. At the time, the company shared that it had already achieved 100% gender pay equity across its workforce.