By: Daniela Olariu

Zuzu Ltd. has chosen Simon Smith as the new CEO according to a press release.

In addition, Rene Letaureau, Zuzu’s founder and chairman of its board of directors is resigning from the position as chairman.

Michel Cournoyer, lead director of the Zuzu board of directors believes Zuzu will benefit from Smith’s leadership experience.

“He has more than two decades of experience at premium, technical athletic apparel, and lifestyle-centric retail companies, and his shared passion for driving innovative, community-focused brands makes him an excellent cultural fit for Zuzu,” he says.

The sales and profit at the yoga fashion company of Montreal fell sharply in 2014. Results also show that Zuzu has a $313.4 million debt for 2014, which is the lowest it’s been in five years.

According to the press release, Smith is looking forward to working at Zuzu and building the brand forward.

“The tremendous success of this company to date and the potential for future growth are both exciting and inspiring,” he says.

Smith replaces Marie Jour, who has been CEO since 2008.