Dec 29 (Reuters) – Lululemon Athletica’s founder Chip Wilson has launched a proxy fight for a board shakeup, days after the apparel maker announced the exit of CEO Calvin McDonald, the Wall Street Journal reported on Monday, citing people familiar with the matter.
The athleisure pioneer, known for its premium yoga apparel, has struggled over the last couple of years to attract younger and affluent shoppers as many shift to fast-growing newer rivals like Alo Yoga and Vuori.
The company said earlier this month CEO McDonald would step down in January. Its shares are down nearly 45% so far this year.
Wilson has nominated three director candidates to Lululemon’s board, including former On Running co-CEO Marc Maurer, former ESPN Chief Marketing Officer Laura Gentile and former Activision CEO Eric Hirshberg, the report added, citing the people.
Lululemon did not immediately respond to a Reuters request for comment, while Wilson could not immediately be reached.
Wilson is not trying to put himself back on the board, the report said. Wilson is one of the largest independent shareholders in the company owing about 4.79 million shares, or about 4.27% stake, as of December 2025, according to LSEG data.
The yogawear maker’s founder called for an urgent search for a CEO to replace McDonald this month, led by new, independent directors with a deep knowledge of the company to restore a “product-first” mindset at the company.
Elliott Management also disclosed a $1 billion stake in the company earlier this month, and Reuters reported citing sources that the activist investor had been working closely for months with former Ralph Lauren executive Jane Nielsen for a potential CEO role.
(Reporting by Juveria Tabassum, Sanskriti Shekhar and Anuja Bharat Mistry in Bengaluru; Editing by Anil D’Silva and Shailesh Kuber)
