Lululemon names Calvin McDonald as new CEO
today Jul 25, 2018
Having held the position of head of the Americas region at LVMH-owned Sephora for the past five years, McDonald took the French cosmetic firm into double-digit growth each year during his tenure, as well as expanding its product offerings, launching new digital platforms and in-store experiences.
He was also instrumental in taking Sephora into other global markets, including Brazil and Mexico.
Commencing with Lululemon on August 20, the Canadian company hopes McDonald's "impressive track record" for significant growth and innovation will propel its future activity.
“Calvin McDonald has an impressive track record leading organisations through periods of significant growth and innovation," said Glenn Murphy, chairman of Lululemon, who returns to his regular duties as non-executive board chairman following the appointment.
"He is the ideal match for the Lululemon brand and culture given his strong consumer mindset, performance-driven approach, and success developing people.”
Potdevin abruptly resigned from Lululemon in February for falling short of the company's "standards of conduct".
The three executives, Celeste Burgoyne, Stuart Haselden and Sun Choe, who guided the day-to-day operations of Lululemon since February will report to McDonald.
Murphy will return to serving as non-executive chairman of the board.
For its most recent quarter, Lululemon said revenue increased to $649.7 million, up from $520.3 million a year ago, a 25% jump. The company said earnings hit 55 cents per share in the quarter ended April 29, up from 23 cents a share a year earlier.
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