Lululemon’s founder and major shareholder, Chip Wilson, has put forward a nomination for three new directors to join the company’s board, a move aimed at facilitating the appointment of a new chief executive amid ongoing struggles at the activewear brand. Wilson, who holds an 8.4 percent stake in the company, is advocating for the addition of former On Running co-CEO Marc Maurer, ex-ESPN marketing chief Laura Gentile, and former Activision chief Eric Hirshberg to help guide the company through this tumultuous period.
Wilson emphasized that “Lululemon needs visionary creative leadership to thrive,” expressing concerns about the board’s current capabilities, which he believes hinder the brand’s ability to win back confidence from stakeholders and regain commercial momentum. The Canadian yoga brand has faced a challenging year in 2025, impacted by U.S. tariffs, increased competition from emerging brands, and a slowdown in consumer spending, especially in North America. This competitive landscape features new entrants like Alo, Fabletics, Vuori, and Kim Kardashian’s Skims, all of which have been eroding Lululemon’s market share in the premium activewear segment.
The company has seen a significant drop in its stock value, with shares depreciating by approximately 45 percent over the past year, resulting in a market capitalization of about $24.8 billion. Recently, Lululemon disclosed its plans to search for a successor to current CEO Calvin McDonald, who will be stepping down at the end of January. This leadership transition comes at a time when Lululemon is under scrutiny, compounded by an activist investment from Elliott Management, which has acquired a stake worth over $1 billion.
Elliott Management has been actively involved in discussions about Lululemon’s future leadership, reportedly considering former Ralph Lauren executive Jane Nielsen as a potential candidate for CEO due to her successful record in brand transformation. However, sources indicate that Wilson’s initiative and Elliott’s campaign are independent efforts, with no collaboration between the two.
Wilson, who established Lululemon in 1998, has voiced persistent criticism towards the company’s current executives, particularly regarding their ability to communicate effectively with both investors and consumers while lacking a focus on product innovation. His latest remarks targeted the board’s handling of succession planning, highlighting a general dissatisfaction among shareholders regarding the current board’s capability to select a competent leader for the next phase of the company.
He asserted that appointing new directors is essential to restoring shareholder confidence and putting Lululemon back on a path toward growth, innovation, and quality. As of now, Lululemon has not publicly responded to Wilson’s proposals, and Elliott Management has chosen to maintain silence on the matter as well.
