Lululemon founder nominates three directors as board evaluates CEO transition

Lululemon founder Chip Wilson has submitted three independent director nominees after the company announced CEO Calvin McDonald’s departure; the board says it will review the nominees and is conducting a search for a new CEO.

Chip Wilson, the founder of Lululemon, has nominated three independent directors to the company’s board. This move came just over two weeks after Lululemon announced the exit of CEO Calvin McDonald without naming a successor. The company said its board and leadership have engaged with Wilson for years to discuss his views and the company’s direction. The board is carrying out a governance review of the newly submitted names while continuing a search for the next CEO. What was reported: - Wilson submitted three independent director nominees to the company’s board. - The nominations followed the recent announcement that CEO Calvin McDonald had left and no successor had been named. - Lululemon stated that its board and leadership have engaged with Wilson over an extended period and that he had indicated an intent to nominate directors. The board requested names earlier to avoid a proxy contest and will now evaluate the submitted candidates. - The company highlighted its growth over the past decade, noting rising revenues and increased operating income as context for its current strategy. - The board has launched a comprehensive search for a new CEO and will include its recommendation about Wilson’s nominees in the company’s proxy materials ahead of the 2026 annual meeting. Summary: The board will review the founder’s nominations under its governance process while pursuing a search for a new chief executive. The company emphasised its ongoing focus on long-term, sustainable growth and said it will present recommendations in its proxy statement ahead of the 2026 annual meeting. The ultimate outcome of the nominations and the CEO search is undetermined at this time.