lululemon Responds to Chip Wilson’s Director Nomination Notice
Lululemon athletica inc. (NASDAQ: LULU) said it will review the director candidates nominated by founder Chip Wilson after he formally submitted a notice to propose three nominees for election to the company’s Board at its 2026 Annual Meeting of Shareholders.
The company said its Board of Directors and leadership team have engaged with Wilson for several years to understand his views and communicate lululemon’s strategy. In recent discussions, Wilson indicated his intention to nominate directors. The Board said it requested the names of the proposed nominees in advance to assess their qualifications and avoid a costly proxy contest, but Wilson declined to provide them at that time. Now that the nominations have been submitted, the Board said it will evaluate the candidates in accordance with its governance process.
lululemon emphasized that its Board is highly experienced and actively engaged, noting that more than one-third of directors have joined within the past four years. The company said the Board remains focused on long-term growth and shareholder value creation.
Over the past decade, lululemon said revenues have grown from $2.1 billion in fiscal 2015 to an expected $11.0 billion in fiscal 2025, based on company guidance, while operating income has increased nearly sixfold. The company said strong cash generation has supported significant reinvestment in the business and more than $5.5 billion in cumulative share repurchases since fiscal 2015.
The Board also confirmed it has launched a comprehensive search for lululemon’s next chief executive officer, seeking a leader with experience guiding companies through growth and transformation who can bring fresh perspectives to the brand.
lululemon noted that Wilson has not been involved with the company for the past decade and said the business has continued to adapt to the market and lead the retail industry during that time.
The Board said shareholders do not need to take any action at this time. It will review Wilson’s nominations and provide a formal recommendation in the company’s definitive proxy statement ahead of the 2026 Annual Meeting.
J.P. Morgan is serving as financial advisor to lululemon, Sidley Austin LLP as legal advisor, and Joele Frank, Wilkinson Brimmer Katcher as strategic communications advisor.
About lululemon
lululemon (NASDAQ:LULU) is a technical athletic apparel, footwear, and accessories company for yoga, running, training, and most other activities, creating transformational products and experiences that build meaningful connections, unlocking greater possibility and wellbeing for all. Setting the bar in innovation of fabrics and functional designs, lululemon works with yogis and athletes in local communities around the world for continuous research and product feedback.
