Calvin McDonald scored a $14.6 million payday last year as chief executive officer of Lululemon Athletica Inc.

Most of that compensation came in the form of stock and option awards, which were valued at a total of $11 million and tie McDonald’s own fortunes with those of shareholders. How much of that money he ultimately sees will depend on the company’s performance. 

Otherwise, McDonald received a salary of $1.3 million and incentive pay of $2.2 million, according to the company’s proxy statement filed with the Securities and Exchange Commission.

His pay package shrank by 11.8 percent from the $16.5 million he logged in 2023, however.

McDonald is one of the highest-paid CEOs in fashion and retail, but does not top the list.

Proxy statements, which tee up a company’s annual meeting, are just trickling out now and so far Walmart Inc.’s Doug McMillon (with a pay package worth $27.4 million last year) and Target Corp.’s Brian Cornell ($20.4 million) have him beat.

Lululemon grew sales by 10 percent to $10.6 billion in 2024 — growth that outstripped most of the fashion industry but still lagged the dramatic expansion the brand saw previously.

The brand has 462 stores in the Americas, 151 stores in China, 107 in its Asia-Pacific region and 47 doors in Europe and the Middle East. 

“In 2024, we continued to grow our business globally as we brought to life exciting brand activations around the world, remained resilient in the face of challenges, and worked to introduce more newness and innovation into our product assortment,” McDonald said in the proxy statement. 

While the company is seeing stronger growth overseas, it expects to only post a modest expansion in its home market of North America this year.