• by Sarah Mahoney , December 29, 2025

Lululemon founder Chip Wilson is escalating his long-running critique of the company’s direction into a formal proxy fight, nominating three independent director candidates he says can restore creative, product and marketing leadership at a moment of unusual instability for the brand.

The move, first reported by The Wall Street Journal, comes just weeks after Lululemon announced that CEO Calvin McDonald will step down at the end of January, leaving the Vancouver-based activewear brand in the midst of a leadership search as sales soften in North America and investor pressure intensifies.

Wilson, one of Lululemon’s largest shareholders, is backing a slate of nominees with deep brand-building credentials: Marc Maurer, former co-CEO of On Holding; Laura Gentile, former CMO of ESPN; and Eric Hirshberg, former CEO of Activision Publishing and a longtime creative executive at Deutsch LA. In announcing the nominations, Wilson also submitted a nonbinding proposal calling for the board to declassify, allowing all directors to be elected annually.

Collectively, the nominees signal a push to rebalance the board toward creative, marketing and product experience. Maurer helped scale On into a global performance brand with strong direct-to-consumer momentum. Gentile oversaw ESPN’s global marketing strategy and founded espnW, expanding the network’s cultural relevance and reach among women. Hirshberg led some of the world’s most valuable entertainment franchises at Activision and previously built Deutsch LA into a nationally recognized creative agency.

“It is clear to the world that Lululemon is special, but in need of change,” Wilson said in a statement, arguing that the current board lacks the creative leadership needed to “win back the confidence of its critical stakeholders and regain commercial momentum.”

Wilson has been explicit that the proxy fight is tied to the company’s CEO transition. “The recent CEO change announcement was the third total failure of Board oversight with no clear succession plan in place,” he said, adding that shareholders cannot trust the existing board to select and support the next chief executive without a refresh.

In a statement, Lululemon said its board has engaged with Wilson “extensively and in good faith” over many years, but that he declined to share his nominees’ names when asked. The company said it will now evaluate candidates through its standard governance process and emphasized that its board is “highly engaged and experienced,” noting that more than one-third of directors have joined in the past four years. Lululemon also defended its record of growth and profitability since Wilson’s departure and said its board has launched a comprehensive search for a new CEO who can “bring fresh perspectives to our brand strategy.”

The challenge comes as Lululemon faces a tougher operating environment. While third-quarter revenue rose 7% to $2.6 billion, sales in the Americas declined, promotions have increased, and the brand has issued a weaker-than-expected holiday outlook. Lululemon’s stock is down roughly 45% over the past year, reflecting investor concern about growth and brand differentiation in a crowded athleisure market.

Wilson, who founded Lululemon in 1998 and has remained a controversial and outspoken presence since leaving the board more than a decade ago, has repeatedly criticized the company’s leadership and direction, sometimes using billboards and full-page ads to do so.

But he is not the only activist watching closely. Elliott Investment Management has disclosed a roughly $1 billion stake and is pushing for Jane Nielsen, Ralph Lauren’s former CFO, to be named CEO.

Wilson argues that the board prioritized financial oversight over product and brand leadership,  a claim the company has previously disputed.