Lululemon Athletica Inc. (NASDAQ: LULU) announced that Chief Executive Officer Calvin McDonald will step down from his position and leave the company's board of directors on January 31, 2026. McDonald will serve as a senior advisor through March 31, 2026, to facilitate the transition.

The company's board is conducting a search for a new CEO with the assistance of an executive search firm. During the transition, Marti Morfitt, current board chair, will take on the expanded role of executive chair. Chief Financial Officer Meghan Frank and Chief Commercial Officer André Maestrini will serve as interim co-CEOs following McDonald's departure.

McDonald joined Lululemon in 2018 and led the company through a period of expansion. Under his leadership, the company tripled its annual revenues and expects to generate $11 billion in revenue this fiscal year. The company expanded its global presence to over 30 geographies and grew its China Mainland business into its second-largest market.

"Serving as CEO of lululemon has been the highlight of my career, and I am incredibly proud of everything our team has accomplished over the last seven years," McDonald said in the announcement.

Morfitt, who joined the Lululemon board in 2008 and became chair in 2022, is a principal at River Rock Partners. Frank has served as chief financial officer since 2020 and joined the company in 2016. Maestrini was appointed president and chief commercial officer in 2025 after joining the company in 2021.

The announcement was made in a press release statement from the company.