• by Sarah Mahoney , February 12, 2026

Calvin McDonald has jumped back into the beauty biz, just two months after his departure from Lululemon, joining Wella Corp. as CEO. 

McDonald, a former president and CEO of Sephora Americas, rejoins the beauty business just as KKR, the investment firm that has held a stake in Wella since 2020, is preparing a public offering.

In December, Lululemon announced it would part ways with McDonald, who had held the top spot there for more than seven years, following several quarters of sales slumps as demand for the once-hot brand began to wane, especially in North America. McDonald is scheduled to start in April, and Wella executives say they chose the three-time CEO based on his track record of product differentiation and category expansion.

"We are pleased with the growth that Wella has achieved since our initial investment and are confident that Calvin is the right leader to build on that foundation and propel the company into its next chapter," said Nancy Ford, partner at KKR, in the announcement.

During his tenure at Sephora, McDonald oversaw five consecutive years of double-digit growth, helping the company become the market leader in the Americas. He also helped expand haircare at Sephora, now one of the retailer’s fastest-growing categories.

Glenn Murphy, a Wella board member who has been executive chair since last January, will continue in that role for continuity and strategic advice.

McDonald’s appointment comes just days after Reuters reported that KKR is prepping Wella, which owns such brands as Clairol, a DIY hair color brand, as well as several professional brands, and OPI nail polish, for an initial public offering. Early indications are that the company may fetch “meaningfully more than the $4.3 billion KKR paid for it,” Reuters said, citing sources familiar with the matter.

Wella is said to be working with both Goldman Sachs and Bank of America.

KKR paid $2.5 billion for a 40% stake in Wella back in December of 2020, at a time when the hair-coloring business was emerging from pandemic turbulence. Then last year, KKR acquired the remaining stake in Wella for $750 million.

Lululemon, which began recruiting for a McDonald’s replacement in December, has still not announced a new CEO.