Chip Wilson, the founder and major shareholder of Canadian sportswear company Lululemon, has launched a public campaign to reform its board of directors. In a letter to shareholders dated February 27, 2026, Wilson expressed dissatisfaction with the brand’s current strategic oversight and performance. He pointed to a loss of around $20 billion (17 billion euros) in shareholder value over the past five years.
Wilson, who founded the company in 1998, claims the board of directors lacks the creative and marketing expertise necessary to maintain the brand’s competitive edge. According to Wilson, the stock has fallen nearly 50 percent in that period. The founder also raised one “Crisis” in leadership. He noted that the company is currently searching for a permanent chief executive officer (CEO) after a third succession planning process failed.
Nomination of independent directors
In response to these concerns, Wilson has nominated three independent candidates for election to the board: Marc Maurer, former co-CEO of Swiss footwear brand On Holding; Laura Gentile, former chief marketing officer (CMO) of the US sports media group ESPN; and Eric Hirshberg, former CEO of US video game publisher Activision Publishing.
Wilson said On experienced significant global expansion under Maurer’s leadership. Sales have almost quadrupled. Likewise, he noted that during Hirshberg’s tenure at Activision, segment profits nearly doubled. The founder argues that these individuals have the high-performance brand experience that is currently lacking on the Lululemon board.
Board resistance and governance proposals
The dispute has intensified over specific governance proposals. Wilson submitted a master plan on December 15, 2025. This included a proposal to declassify the supervisory board and create a brand product committee. He pointed to the success of the Finnish sporting goods company Amer Sports as a role model. There, a similar committee helped brands like Wilson and Arc’teryx outperform the S&P 500 by around 89 percent since going public in 2024.
Lululemon’s board has reportedly rejected the committee’s proposal. Wilson expressed concerns about the independence of the board. He noted that David Mussafer, chairman of the Corporate Responsibility, Sustainability and Governance Committee, is overseeing the nomination process while he himself is up for election this year. Wilson also noted that Mussafer has served on the board for more than 14 years.
Lululemon response
Lululemon’s board of directors has responded to the allegations. He stated that he had worked with Wilson in good faith in numerous meetings. In a press release, the company disputed Wilson’s account of the interactions. The board alleged that Wilson restricted access to his nominees. He only allowed Maurer to take part in preliminary discussions.
The company said: “Mr. Wilson had indicated that he would not allow the board to meet with these individuals unless the board agreed to a full set of settlement terms.” The Supervisory Board emphasizes that it remains open to constructive dialogue with all shareholders. However, he will prioritize measures that serve the collective interest of the company.
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