Lululemon Adds Two Directors In Deal With Founder Chip Wilson
Lululemon has entered into a cooperation agreement with founder and major shareholder Chip Wilson, paving the way for board changes aimed at strengthening the company’s leadership and growth strategy.
Under the agreement, Laura Gentile, former Chief Marketing Officer of ESPN and Marc Maurer, former Co-Chief Executive Officer of On, will join Lululemon’s Board of Directors following the company’s 2026 Annual Meeting of shareholders.
The company also plans to appoint an additional director with apparel product and brand expertise by October 1, 2026, as part of its ongoing board refreshment strategy.
Lululemon Executive Chair Marti Morfitt said the agreement provides a clear path forward for incoming Chief Executive Officer Heidi O’Neill and the leadership team as the company focuses on strengthening brand performance, accelerating growth and enhancing shareholder value.
Wilson, who holds approximately 8.7 per cent of the company’s outstanding common stock, welcomed the board additions, describing them as a meaningful step toward restoring Lululemon’s product-first vision.
The agreement includes customary standstill, voting and non-disparagement provisions for approximately 18 months, extending until ahead of the 2028 annual meeting nomination deadline.
In place of expense reimbursement, both parties have agreed to support a charitable donation for athletics, art and landscaping at Vancouver’s Kitsilano Beach, where Lululemon was founded.
