The agreement covers Wilson, who owns approximately 8.7% of Lululemon’s outstanding common stock, and sets out a framework for board changes and governance stability going into 2026.
Under the terms of the deal, former ESPN chief marketing officer Laura Gentile and former On co-CEO Marc Maurer will join Lululemon’s board following the company’s 2026 Annual Meeting of Shareholders.
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As part of a wider refresh, the company also agreed to appoint an additional director with product and brand expertise in apparel by 1 October 2026.
“On behalf of the Board, we are pleased to reach this agreement with Chip Wilson, which allows Lululemon to focus on continuing to strengthen its performance,” said Marti Morfitt, executive chair of Lululemon.
“We look forward to welcoming Laura and Marc, who will bring additional perspective to our existing group of qualified directors. Lululemon now has a clear path forward for our incoming CEO, Heidi O’Neill, and our leadership team, as we continue to advance our strategies to foster strong brand health, reaccelerate growth, and deliver enhanced value for our shareholders.”
Wilson also welcomed the agreement, saying the board additions and strategic adjustments represent “meaningful progress” towards restoring a product-first approach and unlocking “tremendous value for shareholders”.
“I would like to thank Laura, Marc and Eric for their willingness to stand for election as directors. I’m confident Laura and Marc will add value to Lululemon’s Board and Eric will continue to make meaningful impact in the challenges he takes on in the future,” he continued.
Wilson has agreed to a customary standstill, non-disparagement and voting provisions lasting approximately 18 months, until 30 days before the nomination deadline for the 2028 annual meeting. In place of expense reimbursement, Lululemon and Wilson settled on donations to support athletics, art and landscaping at Kitsilano Beach in Vancouver, where the company was founded.
Incoming director Gentile said her appointment comes at a “pivotal moment” for the company, whilst Maurer said the focus of the board going forward will be closely tied to “what the consumer wants and needs”.
The settlement follows an extended period of tension between Wilson and the board over strategy and governance.
Wilson, who stepped away from leadership roles in 2013 and left the board in 2015, has previously criticised the company’s strategic direction and board composition, while calling for changes to strengthen product and brand focus.
