Lululemon Athletica Inc. has entered into a collaboration agreement with its founder Dennis J. “Chip” Wilson, who holds approximately 8.7 percent of the Canadian athletic apparel company’s outstanding common shares. The agreement ends a months-long governance conflict. Wilson publicly called for supervisory board reform in February 2026, citing a loss of around $20 billion in shareholder value over the past five years.
As part of the agreement, Laura Gentile and Marc Maurer will join the Board of Directors after the 2026 Annual General Meeting. The Supervisory Board also undertakes to appoint an additional member with product and brand expertise in the clothing sector by October 1, 2026.
The appointments come during a transition phase as Lululemon prepares for its new CEO, Heidi O’Neill, to take office. Marti Morfitt, the company’s executive chair, said the agreement should allow Lululemon to strengthen performance, re-accelerate growth and increase shareholder value.
Wilson expressed confidence that the strategic changes reflected a return to Lululemon’s product-focused vision. Under the terms of the contract, he agreed to standard standstill, non-disparagement and voting clauses for around 18 months. In lieu of reimbursement, both sides have agreed to make a donation to support athletics, arts and landscaping at Vancouver’s Kitsilano Beach – the site where Wilson founded the company in 1998.
Former On-CEO becomes member of the supervisory board
Gentile was Executive Vice President and Chief Marketing Officer (CMO) at ESPN from January 2018 to October 2023, where, among other things, she founded espnW – a platform for women in sports. She then co-founded Storied Sports LLC, a content studio that works with athletes and brands in women’s sports.
From January 2021 to May 2025, Maurer was Co-Chief Executive Officer (CEO) of the Swiss running shoe brand On, which he helped to establish as Chief Operating Officer in 2013. Under his leadership, On expanded internationally, entered the clothing sector and successfully completed its IPO. Wilson originally nominated both candidates for the supervisory board.
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