Activist investor Elliott builds over $1 billion stake in Lululemon, puts forth CEO candidate
1. Elliott Investment Management acquired over $1 billion stake in Lululemon. 2. CEO Calvin McDonald resigns effective Jan. 31 after poor performance. 3. Elliott presents Jane Nielsen as potential CEO candidate. 4. Lululemon faces competitive pressure from brands like Vuori and Alo Yoga. 5. Share price increased by 6% after McDonald's departure news.