Lululemon founder Chip Wilson has launched a proxy fight aimed at reshaping the athletic apparel company’s board of directors, escalating pressure on leadership at a time of heightened uncertainty for the brand. The move comes shortly after Lululemon announced that chief executive officer Calvin McDonald will step down in early 2026, with no permanent successor yet named.
Wilson, who founded Lululemon in 1998 and remains one of its largest shareholders, is seeking to add three new independent directors to the board at the company’s next annual shareholders’ meeting. He says the proposed changes are needed to strengthen governance, improve product and brand oversight, and restore investor confidence as the company navigates slowing growth and increased competition.
The three nominees put forward by Wilson are Marc Maurer, former co-CEO of Swiss sportswear brand On Holding; Laura Gentile, former chief marketing officer of ESPN; and Eric Hirshberg, former chief executive officer of Activision. Wilson said the candidates bring deep experience in global brands, consumer engagement, and leadership at scale, which he believes are critical as Lululemon enters its next phase.
Wilson has been openly critical of Lululemon’s current board, arguing that it failed to adequately plan for leadership succession and has not provided sufficient strategic oversight. In statements accompanying the proxy filing, he said the company’s recent challenges reflect deeper governance issues that need to be addressed before appointing a new CEO.
Lululemon confirmed that it has received Wilson’s notice and said it will review the nominations in line with its standard governance procedures. The company added that it will include its recommendations regarding the board election in proxy materials to be shared ahead of the 2026 annual meeting. The board has also reiterated that the search for a permanent CEO is ongoing.
McDonald’s planned departure has added urgency to the debate around leadership. He joined Lululemon in 2018 and oversaw a period of strong growth, including expansion in international markets and men’s apparel. However, more recently the company has faced slowing sales growth, pressure on margins, and a sharp decline in its share price as competition in the premium activewear space has intensified.
Following McDonald’s announcement, Lululemon appointed chief financial officer Meghan Frank and chief commercial officer André Maestrini as interim co-CEOs. The dual leadership structure is intended to ensure continuity while the board searches for a long-term replacement. Still, some investors have expressed concern about the lack of a clear succession plan.
Wilson, who owns roughly 4 per cent of Lululemon’s outstanding shares, said he believes board reform should come before the appointment of a new CEO. He has argued that the next chief executive should be selected by a board with stronger product knowledge and a clearer vision for the brand’s future direction.
The proxy fight also comes amid growing investor activism around Lululemon. Hedge fund Elliott Management disclosed earlier that it has built a significant stake in the company and has been pushing for changes at the executive level. While Elliott has reportedly expressed views on potential leadership candidates, Wilson has said he is not coordinating with the activist investor and is focused solely on board composition.
Lululemon’s stock has been under pressure over the past year, reflecting concerns about slowing demand in North America, uneven performance in China, and rising competition from newer brands such as Alo Yoga and Vuori. At the same time, established rivals including Nike and Adidas have stepped up their presence in the athleisure and lifestyle categories.
Wilson has long been a vocal presence in discussions about Lululemon’s strategy, even after stepping down from the board in 2015. His relationship with the company has at times been contentious, marked by public disagreements over leadership, culture, and product direction. Despite this history, Wilson says his latest move is motivated by a desire to see the brand regain momentum and long-term strength.
In his comments, Wilson stressed that he is not seeking a return to the board himself and does not intend to play an operational role at the company. Instead, he says his goal is to help install directors who can provide stronger oversight and guide management through a period of transition.
The proposed board nominees each bring experience outside of Lululemon’s current leadership structure. Maurer helped lead On through a period of rapid global expansion and a successful public listing. Gentile oversaw brand strategy and audience growth at ESPN during a time of major shifts in media consumption. Hirshberg led Activision through the expansion of major gaming franchises and global fan engagement.
Lululemon has said it remains committed to its long-term strategy, including international expansion, growth in men’s and accessories categories, and continued investment in innovation. The company has also pointed to ongoing efforts to improve operational efficiency and strengthen its supply chain.
Market reaction to news of Wilson’s proxy fight has been mixed, with some investors welcoming the possibility of change while others express caution about potential disruption during an already delicate transition period. Analysts note that the outcome of the board vote could have a significant impact on the company’s leadership search and strategic priorities.
The situation highlights broader challenges facing consumer brands as they navigate shifting demand patterns, rising costs, and increased scrutiny from investors. For Lululemon, the coming months will be critical as it works to stabilize performance, appoint a new CEO, and respond to calls for governance reform.
As the annual shareholders’ meeting approaches, attention will focus on how institutional investors respond to Wilson’s nominations and whether his campaign gains sufficient support to reshape the board. The outcome could mark a turning point for one of the most influential names in global athletic apparel.
