Max Cisotti/Dave Benett/Getty Images for lululemon
- Lululemon CEO Calvin McDonald will step down at the end of January, the company said.
- The board is launching a comprehensive search for Lululemon's next CEO.
- Lululemon's stock spiked after the announcement and an earnings beat.
Calvin McDonald, CEO of Lululemon, is stepping down from that role at the end of January, the company announced Thursday.
McDonald is also stepping down from the board of directors and will serve as an advisor to the company through March.
Lululemon's board is conducting a "comprehensive search process" for its next CEO, the company said.
Lululemon's stock spiked in after-hours trading following an earnings beat and the announcement about its CEO. The company's third-quarter results, posted Thursday, surpassed Wall Street expectations, including a reported revenue of $2.57 billion.
Marti Morfitt, the board chair, will immediately take on the role of executive chair to "to ensure the continued execution of the company's near- and long-term growth strategy during the leadership transition," the company said.
Lululemon CFO Meghan Frank and CCO André Maestrini will be interim co-CEOs after McDonald steps down.
