Lululemon Athletica said that CEO Calvin McDonald was leaving the company without a replacement and raised its annual profit forecast, sending shares up about 10 per cent in extended trade on Thursday.

McDonald, a Canadian who studied at the University of Toronto and Western University, will step down from Lululemon in January after about seven years at the helm .

Prior to taking the job at Lululemon, McDonald served as president and CEO of Sephora Americas. He was also previously the president and CEO of Sears Canada .

The Wall Street Journal reported, citing people familiar with the matter, that the company's founder Chip Wilson was frustrated with marketing and had been considering a proxy fight.

Known for its pricey leggings and athleisure clothing, Lululemon's sales have str

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