Wilson nominated three independent directors to the company’s board, just over two weeks after the company announced the exit of CEO Calvin McDonald without a clear successor.
In response, Lululemon said its Board of Directors and leadership team have “engaged extensively and in good faith for many years” with Wilson to understand his perspectives amd communicate its strategy.
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“In our most recent discussions, Mr. Wilson indicated his intent to nominate directors. In the interest of avoiding a costly and distracting proxy fight, the Board requested from Mr. Wilson the names of his director nominees to evaluate their qualifications and backgrounds, but Mr. Wilson declined to engage further. Now that the names have been submitted, the Board will evaluate Mr. Wilson’s director nominees in due course in accordance with the Board’s governance process.”
The company says its board and leadership team are focused on driving long-term, sustainable growth, and shareholder value creation.
“Over the last 10 years, the Board has overseen a significant period of growth, with revenues increasing nearly $9 billion, from $2.1 billion in fiscal year 2015 to $11.0 billion expected in fiscal year 2025 based on our guidance. Over the same time period, income from operations will have grown by nearly 6x.
“We are encouraged by the strength we are seeing internationally and the work underway in the US, but we recognise that further opportunities exist to realise greater value across the company. To help achieve this goal, the Board has initiated a comprehensive search for the company’s next CEO. The Board is focused on identifying a leader with a track record of guiding companies through periods of growth and transformation who can build on our strong foundation and bring fresh perspectives to our brand strategy.”
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By GlobalDataIt further points out that Wilson has not been involved with the company for over a decade and “since his departure, Lululemon has continued to adapt to the marketplace and lead the industry.”
Shareholders have been advised not to take any action for the time being.
“The Board will review and consider Mr. Wilson’s director candidate nominations and present a formal recommendation regarding his nominations in the company’s definitive proxy statement in advance of the company’s 2026 Annual Meeting of Shareholders.”
