Dec. 12 (UPI) -- Shares of Lululemon stock surged Friday after CEO Calvin McDonald announced his retirement.
The Canada-based company's stock value spiked more than 9% in premarket trading following its announcement that McDonald was resigning from his role.
"The timing is right for a change," McDonald said on a call. "I've described being CEO of Lululemon as my dream job. It truly has lived up to every expectation and given me the opportunity of a lifetime."
McDonald expects a Jan. 31 departure from the athleisure company and will cap more than a year of lackluster performance.
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