Pins matching tag:"Chip Wilson"

Founder Chip Wilson nominates three directors - ex-On co-CEO Marc Maurer, ex-ESPN marketing chief Laura Gentile and ex-Activision CEO Eric Hirshberg - for the 2026 annual meeting and proposes declassifying Lululemon's board.

Fiscal 2025 revenue rose 5% to $11.1 billion but EPS fell to $13.26, and Lululemon guided 2026 EPS to just $12.10-$12.30 as tariffs, discount pull-backs and proxy-fight costs weighed.

Lululemon gives two of Chip Wilson's nominees, Laura Gentile and Marc Maurer, board seats after the 2026 meeting and backs board declassification; Wilson accepts a standstill of about 18 months.

Lululemon cut its 2026 EPS outlook by more than $1 to $10.95-$11.15 and forecast falling sales, blaming negative media commentary and weak product launches; the shares fell 11% after hours.

At an uncontested annual meeting after the Wilson settlement, shareholders elect Chip Bergh, Esi Eggleston Bracey and Teri List and back Chip Wilson's proposal to declassify the board by 73.1 million votes to 0.3 million.

Under its settlement with Chip Wilson, Lululemon must appoint another independent director with apparel product and brand expertise by 1 October 2026, subject to Wilson's approval.