Lululemon Athletica ( LULU 0.33% ) closed out a tumultuous year on Thursday, announcing in its third-quarter earnings report that Calvin McDonald would be departing as CEO on Jan. 31, 2026.

The company also showed off better-than-expected results in the Q3 report, though profits fell, and its guidance for the key holiday quarter missed the mark. At least part of the stock's 11% surge after hours seemed to be a response to the change in the CEO chair.

CFO Meghan Frank and Chief Commercial Officer Andre Maestrini will serve as interim co-CEOs while the company searches for its next CEO.

McDonald took over as CEO in 2018 and had delivered strong results for shareholders up until the last two years when a combination of product missteps and weak consumer spending in the U.S. pummeled

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