Lululemon Athletica’s CEO will step down in January after seven years at the helm of the premium workout and athleisure wear company, the Canadian brand announced Thursday.
Calvin McDonald’s departure, expected on Jan. 31, comes amid disappointing U.S. sales, increased competition, and criticism about the company’s direction.
Chief Commercial Officer André Maestrini will serve as the interim CEO while the company conducts a search for a new executive, according to Lululemon.
“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 statement. “Together, we have transformed the athletic apparel industry and the opportunity ahead for Lululemon is substantial.”…