Athleisure clothing giant lululemon athletica inc. announced that Calvin McDonald will step down as CEO, effective January 31, 2026. McDonald has held the role since 2018.
Company shares surged over 9% in pre-market trading following McDonald’s departure announcement.
Lululemon’s Board is conducting a comprehensive search process in partnership with a leading executive search firm to identify the company’s next CEO. Meanwhile, Meghan Frank, Chief Financial Officer, and André Maestrini, Chief Commercial Officer, will serve as interim co-CEOs following Mr. McDonald’s transition.
McDonald told investors, “Together, we have transformed the athletic apparel industry and the opportunity ahead for lululemon is substantial. I believe the outstanding product pipeline we’ve built, and action plan we’ve put into place, will yield positive results, and deliver value to shareholders in the months and years ahead. I am committed to fully supporting the transition and helping guide our leadership team in my advisory role as they execute against our strategy.”
Marti Morfitt, Chair of the Board, stated, “The Board is confident in our leadership transition plan, the strength of our teams across the company, and our ability to deliver on our strategy. lululemon has a strong foundation in place, and, as we look to the future, the Board is focused on identifying a leader with a track record of driving companies through periods of growth and transformation to guide the company’s next chapter of success. While the search is underway, I look forward to working closely with Meghan, André, and the rest of the Senior Leadership Team to execute on our strategy with a sense of urgency and meaningfully drive the business forward.”
In a separate press release, lululemon announced its fiscal 2025 third quarter financial results. The company reported a net income of $306.84 million, or $2.59 per share, for the three months ending Nov. 2, compared to $351.87 million, or $2.87 per share, from the same period last year.
Sales rose to $2.57 billion, up from $2.40 billion a year earlier.
Moving forward, the company increased its full-year forecast, now expecting sales of $10.96 billion to $11.05 billion.
McDonald will serve as a senior advisor to the company through March 31, 2026.
By CEO NA Editorial Staff
