Calvin McDonald, a Canadian executive who joined the company from Sephora in August 2018, will also no longer be on the retailer’s board of directors, the company said. The changes take place Jan. 31. (The Logic)

Talking point: Lululemon said the board is working with an executive search firm to find a replacement and CFO Meghan Frank and CCO André Maestrini will serve as co-CEOs in the interim. McDonald said he and the board agreed “now is the time for a change” as the company’s five-year plan is nearly complete. Lululemon also reported better-than-expected third quarter earnings Thursday, revealing a net income drop of 13 per cent compared to the same time last year. Net revenue grew seven per cent, despite a drop in the Americas. Its sales have slowed in recent years amid rising competition in athleisure. Outspoken founder and major shareholder Chip Wilson, who quit the board in 2015, continued to criticize the company, releasing a statement Friday calling the lack of a succession plan a “tremendous failure.” Lululemon shares climbed more than 10 per cent in Thursday after-hours trading.