Lululemon Founder Launches Proxy Fight for New CEO

Lululemon founder Chip Wilson is seeking changes to the company’s board in a proxy fight launched as it searches for a new chief executive officer, The Wall Street Journal reported, Brooke DiPalma reported for Yahoo Finance.

Wilson still owns 9.9 million Lululemon shares, representing an 8.4% stake, according to a Morningstar report. (Photo: Chip Wilson Facebook)

Wilson, who founded the company and served as CEO from 1998 to 2005, nominated three candidates to join Lululemon’s board: former On Running co-CEO Marc Maurer, who stepped down earlier this year; former ESPN chief marketing officer Laura Gentile; and former Activision CEO Eric Hirshberg.

Wilson still owns 9.9 million Lululemon shares, representing an 8.4% stake, according to a Morningstar report.

The stock climbed about 1% following the report, after falling nearly 45% so far this year.

Earlier this month, Lululemon announced that current CEO Calvin McDonald plans to step down from his role — and from the company’s board of directors — effective Jan. 31, 2026.

McDonald assumed the position in 2018, but the company has struggled in recent years as competitors such as Alo, Vuori, and Athleta have entered the market.