Lululemon Athletica Inc ( LULU ) shares are trading slightly lower Thursday. The stock fell more than 7% on Wednesday after the company announced an updated operational structure following the resignation of its chief product officer.

What Happened: Earlier this week, Lululemon said chief product officer Sun Choe has resigned from his role and will depart the company later this month to pursue other opportunities. The company does not intend to replace Choe’s position.

Global creative director Jonathan Cheung will report to CEO Calvin McDonald and drive the product design and innovation roadmap for Lululemon, effective immediately. The company will also create a new team of leaders from its merchandising and brand functions to scale its go-to-market strategies.

Lululemon said the organizational changes are aimed at accelerating product innovation and supporting long-term growth plans.

Following the management changes and operational update, multiple analysts lowered price targets on Lululemon.

UBS analyst Jay Sole maintained Lululemon with a Neutral and lowered the price target from $475 to $385.

Wedbush analyst Tom Nikic maintained Lululemon with an Outperform and lowered the price target from $492 to $397.

Telsey Advisory Group analyst Dana Telsey maintained Lululemon with an Outperform rating and price target of $550.

Lululemon scheduled its first-quarter earnings results for June 5 this week. The company is expected to report earnings of $2.39 per share and revenue of $2.2 billion, according to estimates from Benzinga Pro.

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LULU Price Action: Lululemon shares were down 0.31% at $298.69 at the time of writing, according to Benzinga Pro.