By Katherine Hamilton
Lululemon founder Chip Wilson sent a letter to shareholders urging them to vote for his three board nominees, as he critiqued the company's new CEO pick as evidence of "broken governance."
Wilson's letter Wednesday said Lululemon's board didn't understand the apparel company's brand, which has been leading to its challenges. Last week's announcement of 30-year Nike veteran Heidi O'Neill, which sent shares down, further demonstrates the board's disconnect with what the brand needs, Wilson said.
"The existing board does not have the skillset to hire a world-class brand/product person who can deliver on the newest zeitgeist or style of the moment," Wilson wrote.
Wilson, who is also Lululemon's biggest active investor, nominated three former executives from the shoe company On Holding, ESPN and video-game producer Activision Publishing.
Lululemon's board needs to bring on people who will shake up the status quo, rather than rotating in executives from legacy consumer brands like Procter and Gamble, he said.
"Lululemon is not a toothpaste brand," said Wilson.
His nominees include Marc Maurer, a former co-chief executive of ON, who oversaw brand expansion and quadrupled revenue. He also nominated Laura Gentile, former chief marketing officer of ESPN, and Eric Hirshberg, former chief executive of Activision.
Roughly a month before O'Neill was chosen, Wilson sent a letter to CEO candidates arguing a new leader alone wouldn't resolve what he saw as deep-seated governance issues.
He said he sees O'Neill's appointment as a reflection of the board staying its course and refusing to choose someone who will have a more transformative vision for the company.
"O'Neill has now been appointed without the endorsement of a refreshed board and without the support of its shareholders, which is part of the reason the market reacted so negatively to her hiring," Wilson said.
Write to Katherine Hamilton at katherine.hamilton@wsj.com
(END) Dow Jones Newswires
April 29, 2026 08:49 ET (12:49 GMT)
Copyright (c) 2026 Dow Jones & Company, Inc.
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