Lululemon Founder Targets Board Change Ahead Of CEO Search

• Chip Wilson said the board must be refreshed to empower a creative, brand-first experience.
• He has nominated three independent directors to the board.
• Wilson has called for the board to immediately declassify so that all directors are elected annually by shareholders.
   

Lululemon founder Chip Wilson has launched a proxy fight by nominating three independent directors in an effort to remake the company’s board as the athletic-apparel retailer searches for a new chief executive. 

Wilson has also submitted a non-binding proposal calling for the board to immediately declassify, so that all directors are elected annually by shareholders.

The Lululemon founder has nominated three candidates to the company's board, including former On Running co-CEO Marc Maurer, former ESPN Chief Marketing Officer Laura Gentile, and former Activision CEO Eric Hirshberg.

He noted that CEO selection must follow a significant board change to ensure shareholders can trust that the right decision is made and that the new leader can succeed.

“The recent CEO change announcement was the third total failure of board oversight, with no clear succession plan in place. Shareholders have no faith that this board can select and support the next CEO without input from a board with stronger product experience,” Wilson stated.

“The Board must be refreshed so that a creative, brand-first experience is empowered,” he added.

CEO Departure Sparking Reset

Earlier this month, Lululemon said its CEO, Calvin McDonald, will leave the company. The firm named its finance chief, Meghan Frank, and chief commercial officer, André Maestrini, as co-interim CEOs.

The reset at retailers is becoming a sector norm as U.S. President Donald Trump’s tariffs have been hurting sales and eating into profits at several top retailers and wholesalers. Firms have also been seeing consumer demand slow as price pressures continue to weigh on consumers' pockets. Firms from Nestle and Walmart to Coty and Coca-Cola have all changed their CEOs this year.

Shares in Lululemon have fallen nearly 44% so far in 2025.

Get updates to this developing story directly on Stocktwits.
 

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