Lululemon responds to founder Chip Wilson's director nominations

Lululemon athletica inc. (NASDAQ: LULU) said it will evaluate three director candidates nominated by founder Chip Wilson for the company's 2026 annual meeting, according to a company statement.

The athletic apparel company said Wilson declined to provide the names of his nominees when the board requested them to avoid a proxy fight. The board stated it will now review Wilson's candidates through its standard governance process.

Lululemon noted that Wilson "has not been involved with the company for a decade" and highlighted the company's financial performance since his departure. Revenue increased from $2.1 billion in fiscal 2015 to an expected $11.0 billion in fiscal 2025, while income from operations grew nearly six times over the same period. The company returned more than $5.5 billion to shareholders through share repurchases since fiscal 2015.

The board said it has initiated a search for a new chief executive officer, seeking a leader with experience guiding companies through growth and transformation periods. More than one-third of current directors joined within the past four years, according to the company.

Shareholders do not need to take action at this time. The board will provide its recommendation regarding Wilson's nominations in the proxy statement before the 2026 annual meeting.

J.P. Morgan serves as financial advisor to Lululemon, with Sidley Austin LLP as legal advisor and Joele Frank, Wilkinson Brimmer Katcher providing strategic communications advice.

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