Lululemon chief executive to step down
Lululemon has announced that its chief executive Calvin McDonald is planning to step down at the end of January.
However, he will serve as a senior advisor to the business until 31 March to facilitate a smooth transition. The company is currently conducting a search for his successor in partnership with an executive search firm.
Lululemon has also announced that Marti Morfitt, chair of the board, will take on the expanded role of executive chair during the leadership transition. In addition, Meghan Frank, chief financial officer, and André Maestrini, chief commercial officer, will serve as interim co-chief executives.
Since McDonald joined Lululemon in 2018, the company has more than tripled its annual revenues and expects to generate $11 billion in annual revenue in the current financial year.
Subscribe to TRBMorfitt said: “On behalf of the board and the entire organisation, I want to thank Calvin for his visionary leadership building Lululemon into one of the strongest brands in retail.
“During his tenure, Calvin led Lululemon through a period of impressive revenue growth, with differentiated products and experiences that resonated with guests around the world.
“We are grateful for Calvin’s numerous contributions and appreciate his continued support over the coming months to facilitate a seamless transition.”
