Lululemon settles proxy battle with founder Chip Wilson
People walk past a Lululemon store on April 03, 2025 in Miami Beach, Florida.
Joe Raedle | Getty Images
lululemon He ends his feud with founder Chip Wilson.
The sportswear company signed a deal with Wilson on Wednesday, ending a complex proxy contest the founder launched late last year as its largest individual shareholder.
Under the terms of the deal, Luluelmon agreed to appoint two of Wilson’s nominees — former On CEO Marc Maurer and former ESPN Chief Marketing Officer Laura Gentile — and an additional director with “product and brand expertise in apparel” by October.
In return, Wilson agreed not to speak ill of the company for about a year and a half, among other terms.
Shares rose nearly 4% in early trading.
Wilson had previously asked the company to reimburse expenses related to the proxy contest, but ultimately accepted Lululemon’s donation to Kitsilano Beach in Vancouver, where Lululemon was founded, to support athletics, arts and landscaping.
“We are pleased to reach this agreement with Chip Wilson, which allows Lululemon to focus on continuing to strengthen its performance,” said Marti Morfitt, Lululemon’s executive chairman.
“We look forward to welcoming Laura and Marc, who will bring additional perspective to our existing group of qualified executives. Lululemon now has a clear path forward for our new CEO Heidi O’Neill and our leadership team as we continue to evolve our strategies to foster strong brand health, re-accelerate growth and deliver greater value to our shareholders.”
Wilson said the appointments, along with the strategic changes already made, “reflect meaningful progress towards restoring the company’s product-first vision and creating tremendous value for shareholders.”
