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Lululemon Settles Proxy Fight, Adds Founder-Backed Directors to Board
business4 hours ago

Lululemon Settles Proxy Fight, Adds Founder-Backed Directors to Board

Lululemon and founder Chip Wilson have settled the December proxy contest, with the company agreeing to add two of Wilson’s nominees—Marc Maurer and Laura Gentile—and another director with apparel product/brand expertise by October. In return, Wilson will refrain from criticizing the company for about 18 months. The deal includes a donation to Kitsilano Beach in Vancouver instead of reimbursing proxy expenses, and comes as shares rose around 4% in premarket trading amid leadership transitions and ongoing strategic efforts to restore growth and brand health.

via CNBC|
#board-nominees#business#chip-wilson
Lululemon rebuffs founder's bid for board overhaul as misguided
business9 days ago

Lululemon rebuffs founder's bid for board overhaul as misguided

Lululemon publicly rejects Chip Wilson’s campaign to overhaul its board, saying nominating three directors would endorse his “misguided” views and strip the company of critical leadership. Wilson, a former CEO and one of the largest shareholders, has long attacked management, while Lululemon has named Heidi O’Neill as the new CEO after Calvin McDonald’s departure. The company says it interviewed Wilson’s picks and found they would not benefit shareholders, and the public clash comes as the stock has fallen about 40% this year amid tariffs, consumer spending pullback and competition from brands like Vuori and Alo.

via CNN|
#board-governance#business#chip-wilson
Lululemon rebuffs founder’s bid to overhaul its board
business9 days ago

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.

via CNN|
#board-nominations#business#chip-wilson
"Lululemon's Response to Founder's Controversial DEI Comments Sparks Backlash"
business2 years ago

"Lululemon's Response to Founder's Controversial DEI Comments Sparks Backlash"

Lululemon distances itself from founder Chip Wilson's criticism of the brand's diversity and inclusion initiatives, stating that his comments do not reflect the company's views. Wilson, who left the company in 2015, had criticized the company's embrace of diversity and inclusion, as well as its advertising models. Lululemon has expanded its sizing options and emphasized its commitment to diversity, but Wilson's controversial remarks continue to draw attention.

via Business Insider|
#business#chip-wilson#controversy
"Lululemon Founder's Fortune Poured into Personal Disease Cure"
health2 years ago

"Lululemon Founder's Fortune Poured into Personal Disease Cure"

Chip Wilson, the founder of Lululemon, is investing millions of dollars into experimental research to find a cure for his rare form of muscular dystrophy. With a net worth of over $7 billion, Wilson has established the Solve FSHD funding body and is undergoing various experimental regimens, including plasma injections and stem-cell treatments in Mexico. He is also testing longevity treatments such as the cancer drug rapamycin. Wilson is willing to take risks and play the role of a guinea pig in his quest for a cure.

via Newser|
#chip-wilson#cure#experimental-research