In response to Lululemon Athletica’s founder, Chip Wilson, announcing that he has submitted a notice to nominate three director candidates, Lululemon defended the experience of its Board, its CEO succession process, and the retailer’s performance since Wilson stepped down from the board in 2015. Lululemon also reported it will evaluate Wilson’s board nominees “in due course in accordance with the Board’s governance process.”

The nominees, who will be put to shareholders at Lululemon’s 2026 Annual Meeting, are Marc Maurer, former co-chief executive of On Holding; Laura Gentile, former chief marketing officer of ESPN; and Eric Hirshberg, former chief executive of video game publisher Activision.

Wilson has also submitted a non-binding shareholder proposal seeking to declassify the Board, a move that would require all directors to stand for election annually rather than on a staggered basis.

The developments come weeks after Lululemon confirmed that its Chief Executive, Calvin McDonald, will step down on January 31, 2026.

Lululemon’s full statement reads as follows:

“The Lululemon Board of Directors and leadership team have engaged extensively and in good faith for many years with Mr. Wilson to understand his perspectives and communicate our strategy. In our most recent discussions, Mr. Wilson indicated his intent to nominate directors. In the interest of avoiding a costly and distracting proxy fight, the Board requested from Mr. Wilson the names of his director nominees to evaluate their qualifications and backgrounds, but Mr. Wilson declined to engage further. Now that the names have been submitted, the Board will evaluate Mr. Wilson’s director nominees in due course in accordance with the Board’s governance process.

“Lululemon has a highly engaged and experienced Board that is well-equipped to provide effective guidance on the company’s direction and the execution of our growth strategy. Over one-third of our directors have joined the Board within the past four years.

“Our Board and leadership team are focused on driving long-term, sustainable growth and shareholder value creation. Over the last 10 years, the Board has overseen a significant period of growth, with revenues increasing nearly $9 billion, from $2.1 billion in fiscal year 2015 to $11.0 billion expected in fiscal year 2025 based on our guidance. Over the same time period, income from operations will have grown by nearly 6x. These results have generated significant cash flow that has enabled the company to make substantial investments in the business for growth and to return capital to shareholders through cumulative share repurchases in excess of $5.5 billion since fiscal 2015.

“We are encouraged by the strength we are seeing internationally and the work underway in the U.S., but we recognize that further opportunities exist to realize greater value across the company. To help achieve this goal, the Board has initiated a comprehensive search for the company’s next CEO. The Board is focused on identifying a leader with a track record of guiding companies through periods of growth and transformation who can build on our strong foundation and bring fresh perspectives to our brand strategy.

“Mr. Wilson has not been involved with the company for a decade, and since his departure, Lululemon has continued to adapt to the marketplace and lead the industry, building one of the most compelling growth stories in retail.

“The Lululemon Board of Directors will continue to take actions that we believe are in the best interests of all the company’s shareholders.

“Lululemon shareholders do not need to take any action at this time. The Board will review and consider Mr. Wilson’s director candidate nominations and present a formal recommendation regarding his nominations in the company’s definitive proxy statement in advance of the company’s 2026 Annual Meeting of Shareholders.

“J.P. Morgan is acting as financial advisor to Lululemon, and Sidley Austin LLP is serving as legal advisor. Joele Frank, Wilkinson Brimmer Katcher is serving as strategic communications advisor to Lululemon.”

Image courtesy Lululemon