NEW YORK (AP) — Lululemon Athletica Inc, said Thursday that its CEO Calvin McDonald is stepping down effective Jan. 31 as the athletic wear maker wrestles with a year of disappointing sales.

The company, based in Vancouver, Canada, said that McDonald and the board are working together to manage a “smooth transition,” and he will serve as a senior advisor to the company through March 31, 2026.

The board said it was conducting a comprehensive search in partnership with a leading executive search firm to select his successor. McDonald took the helm in 2018.

Lululemon said Marti Morfitt, the board’s chair, will take on the expanded role of executive chair, effective immediately, to “ensure the continued execution of the company’s near- and long-term growth strategy during the leadership tra

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