Lululemon Athletica, Inc. entered into a cooperation agreement with founder Dennis “Chip” Wilson, under which two of his board nominees — Laura Gentile, former CMO of ESPN, and Marc Maurer, former co-CEO of On — will join the retailer’s board at its upcoming annual meeting on June 11.

The company also agreed to appoint an additional director with product and brand expertise in apparel to its board by October 1, 2026.

Under the terms of the agreement, Wilson, who owns roughly 8.7 percent of Lululemon’s outstanding stock, has agreed to customary standstill, non-disparagement, voting and related provisions for approximately 18 months until 30 days prior to the nomination deadline for the 2028 annual meeting. In lieu of expense reimbursement, Lululemon and Wilson have agreed that a donation will be made to support athletics, art and landscaping at Kitsilano Beach in Vancouver, where Lululemon was founded.

The full cooperation agreement between Lululemon and Wilson will be filed on a Form 8-K with the U.S. Securities and Exchange Commission.

In late December, Wilson nominated three candidates to Lululemon’s board, including Eric Hirshberg, the former CEO of Activision. Wilson had since sent a series of statements and letters over the last several months as part of his proxy battle, including one issued on April 29 that again loudly called out Lululemon’s board’s alleged mismanagement and expressed skepticism about the recent hiring of former Nike executive Heidi O’Neill as CEO.

Gentile served as the EVP and chief marketing officer of ESPN from January 2018 to October 2023, after joining the company in 2003. Maurer served as co-CEO of On from January 2021 to May 2025, after joining the company in 2013 as chief operating officer.

“On behalf of the Board, we are pleased to reach this agreement with Chip Wilson, which allows Lululemon to focus on continuing to strengthen its performance,” said Marti Morfitt, executive chair of Lululemon, in a statement. “We valued the opportunity to meet with Laura, Marc, and Eric Hirshberg through this process, and believe each offers unique skills and experiences that could be valuable to a board. We look forward to welcoming Laura and Marc, who will bring additional perspective to our existing group of qualified directors. Lululemon now has a clear path forward for our incoming CEO, Heidi O’Neill, and our leadership team, as we continue to advance our strategies to foster strong brand health, reaccelerate growth, and deliver enhanced value for our shareholders.”

Gentile commented, “It is a privilege to join the Lululemon Board at this pivotal moment for the company. I look forward to working with my fellow directors and the Lululemon team to continue the work underway to build on the company’s leadership position, deliver outstanding product, create unique experiences for guests, and generate value for shareholders for years to come.”

Maurer commented, “I am honored to join the Lululemon Board and ready to get to work as the company embarks on this new chapter of growth and success. Central to this effort is a focus on what consumers want and need. I look forward to working with the other members of the Board to build on the company’s strong foundation to create innovative products that drive superior value for consumers and, ultimately, for shareholders.”

Wilson commented, “The Board additions Lululemon announced today, and strategic changes already made by the team reflect meaningful progress toward restoring the company’s product-first vision and unlocking tremendous value for shareholders. I would like to thank Laura, Marc, and Eric for their willingness to stand for election as directors. I’m confident Laura and Marc will add value to Lululemon’s Board and Eric will continue to make a meaningful impact in the challenges he takes on in the future.”

Alfredo Porretti & Co. and J.P. Morgan are acting as financial advisors to Lululemon. Sidley Austin LLP is serving as legal advisor, and Joele Frank, Wilkinson Brimmer Katcher is serving as strategic communications advisor to Lululemon.

 Image courtesy Lululemon