Laura Gentile, the former marketing chief at ESPN, and Marc Maurer, formerly co-CEO of On Holding, were officially seated on the board immediately following this week’s annual shareholder meeting. These appointments fulfill the terms of a settlement with Wilson, who had spent years publicly criticizing the brand for losing its competitive edge and market relevance to younger rivals.
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Lululemon Expands Board Following Settlement With Founder Chip Wilson
Chip Wilson’s long-standing public campaign against Lululemon’s leadership has reached a resolution, with the retailer appointing two new board directors. The move, which expands the board from nine to 11 members, follows an agreement designed to avert a potential proxy fight that threatened the company’s governance stability.
Under the terms of the deal, Wilson has committed to an 18-month standstill and non-disparagement agreement. The appointments mark a significant pivot for the company, which had previously questioned the suitability of both Gentile and Maurer, arguing they lacked the necessary public company board experience to provide value to shareholders. Both new directors will serve as independent members according to Nasdaq listing standards.
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