Lululemon Athletica Inc. has reached an agreement with its estranged founder who has been pushing for a board shakeup since last year.
The Vancouver-based retailer says its deal with Chip Wilson will see two of his three nominees join Lululemon’s board.
The nominees are former ESPN chief marketing officer Laura Gentile and former On co-CEO Marc Maurer.
Wilson says the new directors and strategic changes already made by the company reflect meaningful progress toward restoring its product-first vision and unlocking tremendous value for shareholders.
In lieu of expense reimbursement, Lululemon and Wilson have agreed a donation will be made supporting athletics, art, and landscaping at Kitsilano Beach in Vancouver, where the company was founded.
The agreement ends a battle Wilson started last year in hopes of improving the retailer's lagging stock price and helping it compete against rivals.
Wilson left Lululemon's board in 2015, but still owns 8.7 per cent of the company’s outstanding common shares.
This report by The Canadian Press was first published May 27, 2025.
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