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Lululemon founder Chip Wilson launches proxy fight for board shakeup
Lululemon founder Chip Wilson has launched a proxy fight by nominating three independent directors to the company's board, days after the athleisure maker announced the exit of CEO Calvin McDonald. Wilson said the board had failed on oversight and succession planning, arguing that shareholders would not trust a new CEO chosen by the current board.
Lululemon Athletica's founder Chip Wilson said on Monday he had launched a proxy fight by nominating three independent directors to the company's board, days after the apparel maker announced the exit of CEO Calvin McDonald.
Lululemon shares have shed nearly half their value this year as the company struggles to find its footing with younger and affluent shoppers, while battling stiff competition from fast-growing newer rivals such as Alo Yoga and Vuori, as well as pressure from activist investor Elliott Management.
Wilson has nominated three director candidates to Lululemon's board, including former On Running co-CEO Marc Maurer, former ESPN Chief Marketing Officer Laura Gentile and former Activision CEO Eric Hirshberg.
"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 said in a statement.
Earlier this month, the company said CEO McDonald would step down in January, joining a long list of leadership shake-ups across global consumer companies and retailers.
Elliott Management also disclosed a $1 billion stake in the company earlier this month, and Reuters reported citing sources that the activist investor had been working closely for months with former Ralph Lauren executive Jane Nielsen for a potential CEO role.
Wilson had spoken to Nielsen, but believed Lululemon shareholders would not trust any CEO who is picked by the current board, and thus wanted to change the board first, the Wall Street Journal reported earlier in the day.
Lululemon did not immediately respond to a Reuters request for comment.
Wilson is one of the biggest independent shareholders of the company, with a 4.27% stake as of December 2025, according to LSEG data.
The yogawear maker's founder had previously called for an urgent search for a CEO to replace McDonald, led by new, independent directors with a deep knowledge of the company to restore a "product-first" mindset at the company.
Vancouver-based Lululemon had named its finance chief Meghan Frank and chief commercial officer Andre Maestrini as co-interim CEOs, while board chair Marti Morfitt was named executive chair in December.
This is not the first time Wilson has pushed for changes at Lululemon's board.
After founding the apparel company in 1998, Wilson withdrew from daily operations in 2012 and later resigned as chairman in late 2013 following a recall of see-through yoga pants that led to departures of top executives amid a public-relations storm.
He also quit the director post in 2015 after clashing with the board over strategy. However, a proxy fight was averted after Wilson agreed to sell about half of his 27% stake to private equity firm Advent International for $845 million in return for two additional director positions.
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Source: EconomicTimes
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