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The barbarians are at Lululemon’s gate
Lululemon’s former CEO Chip Wilson is once again slamming the struggling company he founded, and he’s launching a campaign to shake up its board.
Wilson, Lululemon’s controversial founder and second largest shareholder, announced Monday that he nominated three new directors, including former executives from ESPN and Activision, as well as a former leader from rival On. The Wall Street Journal first reported on the proxy fight.
The battle comes a few weeks after Lululemon announced that its CEO Calvin McDonald is leaving the company, capping off a tumultuous seven-year stint. The athleisure brand failed to keep up with competitors toward the end of McDonald’s tenure, and its stock has lost more than 40% of its value in 2025.
Lululemon founder calls for board overhaul at struggling fitness brand
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Lululemon founder Chip Wilson launches proxy fight for board shakeup
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, just over two weeks after the apparel maker announced the exit of CEO Calvin McDonald without a clear successor.
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.
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