VANCOUVER – Lululemon Athletica Inc. is telling employees that it’s “business as usual” as the company’s board faces a proxy challenge from founder Chip Wilson.
In a letter to senior leadership, which it filed to the U.S. securities regulator Tuesday, chief financial officer Meghan Frank said Wilson’s move doesn’t change the company’s strategy or focus.
On Monday, Wilson nominated three director candidates as he expressed his lack of faith in the existing board and what he called their repeated failures.
Wilson’s move comes after the company announced earlier this month that current CEO Calvin McDonald would step down from his role at the end of January.
In the letter, Frank said the leadership team and board remain confident in Lululemon and its direction, including its expanding geographic reach and product innovation.
Lululemon’s share price has fallen from a peak of over $500 two years ago to around $212 this week as the company faces rising competition, while it reported a drop in North American revenue in its last quarter.
This report by The Canadian Press was first published Dec. 30, 2026.
