Today, Chip Wilson, the founder of Lululemon Athletica, announced he is launching a proxy fight to reform the company’s board as Lululemon searches for a new CEO.
The call follows the company’s recent announcement that Calvin McDonald plans to step down as Chief Executive Officer and a member of the company’s Board of Directors, effective January 31, 2026.
“The recent CEO change announcement was the third total failure of Board oversight with no clear succession plan in place. Shareholders have no faith that this Board can select and support the next CEO without input from a Board with stronger product experience,” Wilson said in a statement today.
“I know this campaign for change cannot be about me,” Wilson said. “It is about recommitting Lululemon to genuine creative leadership that will re-establish a brand of enduring strength.”
Wilson has nominated three director candidates to Lululemon’s board, including former On Running co-CEO Marc Maurer, ex-ESPN Chief Marketing Officer Laura Gentile, and ex-Activision CEO Eric Hirshberg.
Wilson remains Lululemon’s second-biggest shareholder, with a nearly 9% stake, with Vanguard being the largest holder.
In 2025, the company’s stock has dropped 45%.
By CEO NA Editorial Staff
