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Lululemon shares jumped more than 9% in pre-market trade on Friday, after the company announced its CEO Calvin McDonald will step down.

McDonald's departure, effective Jan. 31, follows more than a year of underperformance at the athleisure company.

The athleisure giant's New York-listed shares were last seen trading at around $204.50, a rise of 9.35%. Shares rose about 10% in extended trading on Thursday.

Lululemon's board of directors is working with a "leading executive search firm" to identify its next CEO, it said in a news release. McDonald will stay on as a senior advisor through March 31.

"The timing is right for a change," McDonald said on a call with analysts, "I've described being CEO of Lululem

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