Company Urges Investors to Support Existing Board Slate
Lululemon Athletica (NASDAQ:LULU) has filed definitive proxy documents with the Securities and Exchange Commission ahead of its annual shareholder meeting scheduled for June 25, 2026, urging investors to support the company’s three board nominees amid an ongoing proxy contest with founder Dennis “Chip” Wilson.
The company is recommending shareholders vote using the white proxy card in favor of nominees Chip Bergh, Esi Eggleston Bracey and Teri List.
Wilson, who exited the board more than ten years ago, has proposed an alternative slate of three director candidates.
Financial Performance and Growth Highlighted
Lululemon said it generated fiscal 2025 revenue of $11.1 billion alongside operating income of $2.2 billion.
The company also reported holding $1.8 billion in cash with no outstanding debt.
According to the filing, Lululemon delivered a 10-year compound annual revenue growth rate of 18% through fiscal 2025.
Heidi O’Neill Named Incoming CEO
The board recently selected Heidi O’Neill as the company’s next chief executive officer following a formal search process.
O’Neill previously held senior leadership roles at Nike, where she oversaw global consumer and product operations and helped expand Nike’s women’s division into a multibillion-dollar business.
Current co-CEOs Meghan Frank and André Maestrini continue to oversee initiatives centered on product innovation, brand development and operational efficiency.
Global Expansion Continues
Lululemon noted that it now operates more than 850 stores across over 30 international markets, compared with 365 stores in 10 markets a decade ago.
Company Raises Concerns About Founder’s Competing Interests
Wilson stepped down from the board in 2015 following a series of public controversies and involvement in rival ventures.
The company said Wilson currently maintains “significant investment and leadership positions in a direct competitor” and has recently launched an initiative aimed at supporting future competitors.
Shareholders recorded as of April 30, 2026 will be eligible to vote at the annual meeting.
Lululemon also stated that it supports Wilson’s proposal to hold annual director elections.