Lululemon Founder Wilson Launches Proxy Fight, Nominates 3 Directors
Chip Wilson nominates former On Running CEO and ex-Activision chief to LULU's board as shares have shed nearly half their value in 2025.
Lululemon's founder wants his company back.
Chip Wilson launched a proxy fight on Monday, nominating three independent directors to Lululemon's board just over two weeks after the athleisure company announced CEO Calvin McDonald's exit without naming a successor. The stock popped on the news, with call options outpacing puts 2-to-1.
The Slate
Wilson isn't messing around with his nominees.
Marc Maurer, former co-CEO of On Running, headlines the group. Under his leadership from 2021 to mid-2025, On's revenue nearly quadrupled. The Swiss sneaker brand became one of the hottest names in athletic footwear—exactly the kind of momentum Lululemon has lost.
Laura Gentile, who ran ESPN's marketing from 2018 to 2023 and founded the espnW platform, brings brand expertise. Eric Hirshberg, former Activision CEO, oversaw the Call of Duty franchise during a period when Activision's stock rose 500%.
These aren't random activists. They're operators who've scaled businesses.
Wilson's Argument
"The recent CEO change announcement was the third total failure of board oversight, with no clear succession plan in place," Wilson said in his statement. "Shareholders have no faith that this board can select and support the next CEO without input from a board with stronger product experience."
He's not wrong about the succession issue. When McDonald left, the board installed CFO Meghan Frank and Chief Commercial Officer André Maestrini as interim co-CEOs—a holding pattern, not a plan.
Wilson owns 4.27% of Lululemon, making him one of the largest independent shareholders. But he can't push for his own board seat—he holds a significant stake in competitor Amer Sports, which owns Arc'teryx and Salomon.
Elliott Is Circling Too
Wilson isn't the only one applying pressure.
Elliott Investment Management has built a stake exceeding $1 billion in Lululemon and is pushing for former Ralph Lauren executive Jane Nielsen to become CEO. Two activists, two different agendas, one board under siege.
"Adding three new board members seems like something that Lululemon would be willing to do," Morningstar analyst David Swartz noted. "It might keep Wilson from constantly attacking the board."
The Bigger Problem
Lululemon shares have fallen nearly 50% in 2025. The company that invented the $100 yoga pant is getting squeezed from all sides—Alo Yoga and Vuori on the trendy end, Nike and Under Armour on brand recognition.
The product innovation that defined Lululemon's rise has stalled. Stores feel less special. The community-driven marketing that made the brand feel like a lifestyle has given way to conventional retail.
Wilson built this company from nothing. Watching it drift clearly isn't something he's willing to accept.
What Happens Next
Lululemon's next annual meeting becomes the battlefield. Wilson's nominees need shareholder votes. With Elliott also in the mix and the stock down this much, there's real appetite for change.
The board could try to settle—give Wilson a seat or two in exchange for peace. But with no permanent CEO and two major shareholders demanding different things, the next few months will be messy.
Options traders are betting on volatility. Given the setup, they're probably right.