Lululemon founder Chip Wilson has launched a proxy battle to reshape the company’s board by nominating three independent directors, just weeks after the athleisure brand announced CEO Calvin McDonald’s departure without a clear successor plan in place.
Wilson’s move comes as the Vancouver-based company struggles to regain momentum with younger and affluent shoppers amid fierce competition from fast-growing rivals like Alo Yoga and Vuori. The company’s shares have fallen nearly 45 percent this year, closing up about 2 percent on Dec. 29 following Wilson’s announcement.
Wilson nominates three brand-building veterans
Wilson has put forward Marc Maurer, former co-CEO of On Running; Laura Gentile, former chief marketing officer at ESPN; and Eric Hirshberg, former CEO of Activision, as his director candidates. The nominations will be considered at Lululemon’s 2026 annual shareholders meeting.
In a statement, Wilson criticized what he called the “third total failure of board oversight with no clear succession plan in place,” adding that shareholders lack faith that the current board can select and support the next CEO without input from directors with stronger product experience.
Morningstar analyst David Swartz suggested the move might help stabilize relations, noting that adding three new board members seems reasonable and could reduce Wilson’s public attacks on the board. However, Swartz pointed out that only Maurer has direct experience in Lululemon’s industry. Wilson likely did not seek a board seat for himself as he owns a significant stake in competitor Amer Sports, which includes brands like Salomon and Arc’teryx.
Elliott Management adds pressure for leadership change
Wilson is not the only force pushing for change. Activist investor Elliott Management, which disclosed a $1 billion (€850m) stake in the company earlier this month, has been working for months with former Ralph Lauren executive Jane Nielsen for a potential CEO role, according to Reuters. However, a source familiar with Wilson’s thinking indicated he is not coordinating with Elliott, and Wilson had spoken to Nielsen but would not support any CEO selected before board changes occur.
Interim leadership takes over in January
Following McDonald’s announcement that he will step down on Jan. 31, 2026, Meghan Frank, Chief Financial Officer, and André Maestrini, Chief Commercial Officer, will serve as interim co-CEOs while the board conducts a comprehensive CEO search.
McDonald joined Lululemon from Sephora in 2018 and managed to triple sales to over $10 billion (€8.5bn) in 2024. However, while internationally Lululemon has continued to surge, in its home territory of the Americas, revenues had dropped in the last two quarters.
This proxy fight follows a pattern of founder activism
This is not Wilson’s first clash with Lululemon’s board. After founding the apparel company in 1998, Wilson withdrew from daily operations in 2012 and resigned as chairman a year later following a recall of see-through yoga pants that led to the departures of top executives. He quit his director post in 2015 after clashing with the board over strategy. However, a previous proxy fight was avoided when Wilson agreed to sell about half of his 27 percent stake to private-equity firm Advent International for $845 million (€718m) in return for two additional director positions.
Wilson currently holds a 4.27 percent stake in Lululemon, making him one of the company’s largest independent shareholders, according to LSEG data.
Lululemon board defends its track record
In response to Wilson’s nominations, Lululemon said its board will evaluate the director candidates in due course according to its governance process and will present a formal recommendation in the company’s definitive proxy statement before the 2026 annual shareholders meeting. The company emphasized it has initiated a comprehensive CEO search and highlighted that over one-third of its directors have joined the board within the past four years.
The board noted that under its oversight over the last 10 years, revenues increased nearly $9 billion (€7.6bn), from $2.1 billion (€1.8bn) in fiscal year 2015 to $11 billion (€9.3bn) expected in fiscal year 2025, with income from operations growing by nearly six times during the same period.
The company stated that 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.”
Go deeper
- Lululemon, Dec. 29 2025: Lululemon Comments on Chip Wilson’s Notice to Nominate Director Candidates
About Chip Wilson
Chip Wilson founded Lululemon in 1998 and served as CEO until 2005. Despite leaving the board in 2015, Wilson remains one of the company’s largest independent shareholders and has been publicly critical of the company’s direction, including taking out a full-page advertisement in The Wall Street Journal in October 2024 claiming the company was “in a nosedive” and had lost its “cool.”
About Elliott Management
Elliott Management is a prominent activist investment firm known for pushing for leadership and strategic changes at companies where it holds significant stakes. The firm disclosed a $1 billion stake in Lululemon in December 2025.
