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Lululemon
announced Thursday its CEO Calvin McDonald will step down effective Jan. 31 following more than a year of underperformance at the athleisure company.
The company’s board of directors is working with a “leading executive search firm” to identify its next CEO, it said in a news release. McDonald will stay on as a senior advisor through March 31.
“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 a news release. “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 into place, will yield positive results, and deliver value to shareholders in the months and years ahead.”
