CNBC has obtained a copy of a memorandum from Lululemon’s management informing its employees that Brynn Putnam is resigning as CEO of Mirror, the U.S.-based producer of connected wall-mounted screens for workout streaming that Lululemon acquired in June 2020 for $500 million. The memo was signed by Putnam herself and Lululemon’s CEO, Calvin McDonald. Putnam, who founded Mirror in 2016, will be advising her company until July of next year. In the meantime, until her successor is found, Mirror will be operating under the leadership of three of its other executives: Tess Hales, head of customer; Olivia Lange, head of operations; and Kristie D’Ambrosio-Correll, chief technology officer. They will all be reporting to McDonald. Lululemon has been setting up Mirror shop-in-shops in its stores since the acquisition. There are about 150 now and another 50 should follow by the end of the year. Lululemon has said that Mirror should generate $250 to $275 million in revenues this year, and is projecting revenues of up to $700 million by 2023. The brand’s screens should be arriving at some of Lululemon’s Canadian stores in a matter of weeks.

Topics