As speculation continues to swirl over a potential Wella IPO, the company has made a big executive appointment.

Former Lululemon boss Calvin McDonald has been named the company’s next chief executive officer, effective April 2. He will also be appointed to the company’s board of directors and will be based in New York. 

Glenn Murphy, who has been helping the company in the interim, will remain executive chair.

Murphy said of McDonald: “As a three-time CEO, he brings decades of experience at industry-leading global consumer brands and retail businesses. Calvin’s proven ability to drive results through product differentiation, category expansion and smart investments will help us win in the dynamic beauty sector.”

Wella, whose brands include namesake Wella, Briogeo, OPI, Clairol and GHD, is owned by investment firm KKR.

“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. 

McDonald exited Lululemon Athletica in January after seven years at the helm, during which he built the activewear brand into an industry powerhouse. Prior to that he was CEO of Sephora North Amerca, leading the retailer through beauty’s digital revolution. Previously, he served as president and CEO of Sears Canada.

McDonald began his career at Loblaw Cos. Ltd., Canada’s largest food retailer, and worked there for 18 years, rising through the ranks.

“I’m thrilled to return to the beauty industry — an innovative, fast-evolving sector powered by consumers who are genuinely passionate about the products they love,” said McDonald. “I’m energized by the opportunity to use my experience to help elevate these iconic brands, partner with the pros who bring them to life, and unlock new ways to connect with consumers. This is a pivotal moment for The Wella Company, and I’m excited to join this talented team as we shape the future of beauty together.”

According to a Reuters report earlier this month, KKR is readying the company to float in the U.S. as early as this year. It would value the company at much more than the $4.3 billion KKR paid for it, Reuters said, citing sources familiar with the operation.

A KKR spokesperson had no comment when reached last week.

As previously reported, in mid-December 2025, Coty Inc. sold its remaining 25.8 percent stake in the hair care giant to KKR.

Wella Company ranked 21st in the most recent edition of the WWD Beauty Inc Top 100, which reflects group’s sales for 2024. Wella that year generated estimated sales of $2.26 billion, up 3.3 percent versus 2023.