Lululemon Athletica Inc on Thursday said its CEO Calvin McDonald will step down effective January 31 as the athletic wear maker wrestles with a year of disappointing sales.
The company, based in Vancouver, Canada, said that McDonald and the board are working together to manage a “smooth transition,” and he will serve as a senior advisor to the company through March 31, 2026.
The board said it was conducting a comprehensive search in partnership with a leading executive search firm to select his successor. McDonald took the helm in 2018.
Lululemon said Marti Morfitt, the board’s chair, will take on the expanded role of executive chair, effective immediately, to “ensure the continued execution of the company’s near- and long-term growth strategy during the leadership transition.”
In addition, Meghan Frank, chief financial officer, and Andr Maestrini, chief commercial officer, will serve as interim co-CEOs following McDonald’s exit, the company said.
The announcement came alongside .​Lululemon Athletica Inc on Thursday said its CEO Calvin McDonald will step down effective January 31 as the athletic wear maker wrestles with a year of disappointing sales.
The company, based in Vancouver, Canada, said that McDonald and the board are working together to manage a “smooth transition,” and he will serve as a senior advisor to the company through March 31, 2026.
The board said it was conducting a comprehensive search in partnership with a leading executive search firm to select his successor. McDonald took the helm in 2018.
Lululemon said Marti Morfitt, the board’s chair, will take on the expanded role of executive chair, effective immediately, to “ensure the continued execution of the company’s near- and long-term growth strategy during the leadership transition.”
In addition, Meghan Frank, chief financial officer, and Andr Maestrini, chief commercial officer, will serve as interim co-CEOs following McDonald’s exit, the company said.
The announcement came alongside . ​Latest News [ SOBAN NEWS: International and National ]
