[Editor’s note: This article has been updated to include comments on the executive change from Lululemon’s founder.]
Longtime Lululemon Athletica CEO Calvin McDonald will leave the company on Jan. 31, 2026 as the athleisure brand begins a search for his successor. Meghan Frank, Lululemon’s CFO, and Chief Commercial Officer André Mastrini will serve as interim Co-CEOs during the transition period, and board chair Marti Morfitt will take on the expanded role of Executive Chair.
McDonald joined Lululemon in 2018 and guided the company through a significant growth period, more than tripling its annual revenues and broadening the brand’s global reach to more than 30 geographies. McDonald also oversaw the company’s China Mainland business growth into its second-largest market and expanded the Lululemon product portfolio into athletic and lifestyle categories.
Not everyone has praise for McDonald’s record: Lululemon Athletica founder Dennis J. “Chip” Wilson, one of the company’s largest shareholders, has been pressing for significant changes in Lululemon’s direction. “The board’s praise for Calvin McDonald, a CEO who has overseen massive value destruction over the past two years, with a 62.8% drop in Lululemon’s share price, shows blatant disregard for its shareholders,” Wilson in a statement. “In my view, the board has failed to properly hold management accountable to deliver product innovation and instead has led with complacency.
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“As I have communicated to members of the Company publicly and privately, Lululemon needs revitalization and an infusion of new skills to get back to being a product-first company that creates real, long-term shareholder value,” Wilson added. “As one of the largest active shareholders of lululemon, I am deeply concerned about what appears to be a tremendous failure by the board to competently plan for the future and manage an effective succession process. This latest failure in my opinion only amplifies the urgency the company faces and the obvious need for the CEO search to be led by new, independent directors with real experience.”
Solid Q3 Buoyed by International Sales
The announcement of McDonald’s departure came as the retailer announced its financial results for Q3 2025, which ended Nov. 1, 2025. Net revenue increased to $2.6 billion, up 7% compared to the same period the previous year, with international sales pushing them into positive territory: Americas net revenue decreased 2% while international net revenue increased 33%. Comparable sales told a similar story, rising 2% on a constant dollar basis overall, with Americas comp sales falling 5% while international comp sales increased 18%.
“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,” said McDonald in a statement. “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 in place will yield positive results and deliver value to shareholders in the months and years ahead.”
McDonald’s departure is just the latest change in the Lululemon C-suite. The company named Mastrini, now interim Co-CEO, to the newly created position of Chief Commercial Officer just last month. This followed the August 2025 appointment of Ranju Das to the newly created role of Chief AI and Technology Officer.
