lululemon urges shareholders to support board nominees amid proxy fight

Lululemon athletica inc. (NASDAQ: LULU) filed definitive proxy materials with the Securities and Exchange Commission for its June 25, 2026 annual shareholder meeting, urging investors to vote for the company's three director nominees against a competing slate from founder Dennis "Chip" Wilson.

The company recommends shareholders vote for Chip Bergh, Esi Eggleston Bracey, and Teri List using white proxy cards. Wilson, who stepped down from the board over a decade ago, has nominated three alternative candidates.

Lululemon reported fiscal 2025 revenue of $11.1 billion and operating income of $2.2 billion, with $1.8 billion in cash and no debt. The company achieved a 10-year revenue compound annual growth rate of 18% through fiscal 2025.

The board appointed Heidi O'Neill as incoming CEO following a search process. O'Neill previously held leadership roles at Nike, including oversight of global consumer and product operations and building Nike's women's business into a multi-billion-dollar franchise.

Current co-CEOs Meghan Frank and André Maestrini are implementing strategies focused on product creation, brand activation, and operational efficiency. The company operates over 850 stores across more than 30 markets, expanding from 365 stores in 10 markets a decade ago.

Wilson left the board in 2015 following public controversies and involvement in competing businesses. The company stated Wilson has "significant investment and leadership positions in a direct competitor" and recently launched a venture backing future competitors.

Shareholders of record as of April 30, 2026 are entitled to vote at the annual meeting. The company also supports Wilson's proposal for annual director elections.

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