Lululemon puts Nike veteran in charge of product as CEO O'Neill looks to right ship

Oct 7 (Reuters) - Lululemon Athletica on Wednesday named industry veteran and former Nike vice president Maggie Gauger its chief product officer as the struggling apparel maker overhauls its leadership under new CEO Heidi O'Neill.

Investors are closely watching O'Neill's turnaround plan as the sportswear maker grapples with finding its footing against newer rivals and keep pace with changing customer preferences beyond its signature leggings.

Here are more details:

• Gauger will join Lululemon on October 26, and was most recently CEO of Gap's performance apparel brand Athleta, following a long stint at Nike, alongside O'Neill

• Gauger takes charge of product at Lululemon at a time the company has struggled with product missteps that have triggered consumer backlash and recalls

• Lululemon also appointed Joseph Godsey as chief operating officer

• "This is an important first step in reinvigorating our enduring connection with guests and is designed to establish the foundation for sustainable, long-term growth," O'Neill said of the appointments

• Lululemon's shares have nearly halved in value so far this year, and are on track for a third straight year of declines

• The company's net income is expected to drop nearly 40% this year from fiscal 2024, according to data compiled by LSEG

• Lululemon also said chief brand officer Nikki Neuburger and chief supply chain officer Ted Dagnese would leave the company, effective November 6, and that it was searching for candidates to fill the roles

• It added that CFO Meghan Frank would oversee global brand and technology functions until those appointments are made

(Reporting by Juveria Tabassum in Bengaluru; Editing by Diti Pujara)