Lululemon rebuffs founder’s bid to overhaul its board
Lululemon publicly rejected founder Chip Wilson’s bid to reshape its board, calling his proposed nominations and approach “misguided” and asserting that voting for them would endorse a past-focused vision. Wilson, the brand’s second-largest shareholder and a vocal critic of current leadership, had pushed for a board overhaul after Wilson’s December campaign. The company’s letter, released ahead of June’s shareholder meeting, argued the picks would remove critical operating skills and would fail to reflect the business today, as CEO Calvin McDonald departs and Heidi O’Neill steps in. The clash comes amid a roughly 40% drop in Lululemon’s stock this year due to tariffs, softer discretionary spending, and rising competition from brands like Vuori and Alo.
