Lululemon founder seeks board seats in proxy fight

Chip Wilson, founder of Lululemon Athletica Inc. (NASDAQ: LULU) and one of the company's largest shareholders, released a letter urging shareholders to vote for his three board nominees at the 2026 annual meeting.

Wilson nominated Marc Maurer, Laura Gentile and Eric Hirshberg as independent candidates for the board. Maurer previously served as co-chief executive officer of On Holding AG, Gentile was chief marketing officer at ESPN Inc., and Hirshberg led Activision Publishing Inc.

In his letter, Wilson stated that Lululemon has "lost touch with what made it a category definer" and that the board has taken actions to make the company "a generic athletic retailer instead of the premium apparel leader it once was." He cited declining growth in the Americas market and the stock hitting seven-year lows as of May 4, 2026.

Wilson outlined five areas he believes need attention: focusing on core customers, technical product details, trend disruption, innovation culture, and board creativity support. He criticized several company initiatives including partnerships with Walt Disney Company, the MIRROR acquisition, and launches of footwear and accessories.

The Wilson Group filed a definitive proxy statement with the Securities and Exchange Commission and is soliciting votes using a gold universal proxy card. Wilson encouraged shareholders to vote "for" only his three nominees at the annual meeting.

Wilson founded Lululemon and remains an active investor in the athletic apparel company. The company's stock has experienced volatility, with Wilson citing recent seven-year lows in his shareholder communication.

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