Lululemon CEO Calvin McDonald announced December 11 that he will exit in late January. The news came on the same day as the company posted its fiscal third quarter earnings, which revealed a drop in revenue.
McDonald will step down January 31, but he’ll remain at the company as a senior advisor through March 31. As the board of directors searches for a replacement, CFO Meghan Frank and chief commercial officer André Maestrini will serve as interim co-CEOs.
McDonald has served at the company for seven years.
“As we near the end of our five-year strategy, and with our strong senior leadership team in place, we all agree that now is the time for a change,” McDonald said on LinkedIn. “When I joined Lululemon, I said this was my dream job. It exceeded every expectation.”
Under his leadership, Lululemon quadrupled its international business and tripled its total revenue to over $10 billion, according to his post. It also became the top women’s activewear apparel brand in the U.S.
But recently progress has slowed.
The company reported earnings per share of $2.59 compared to Wall Street’s expected $2.25, and it saw revenue of $2.57 billion versus the expected $2.48 billion.
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Ava Levinson
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