[Update as of Dec. 29, 2025] Chip Wilson, Founder of Lululemon Athletica and one of the company’s largest shareholders, has nominated three candidates for the Lululemon Board of Directors, following the news earlier this month that current CEO Calvin McDonald will step down on Jan. 31, 2026 and that a search for his successor was underway. Wilson — who has long been critical of McDonald’s leadership — asserts that the election of a new CEO shouldn’t take place until the Board itself has undergone “significant change to be sure shareholders can trust the right decision is made.”
“It is clear to the world that Lululemon is special, but in need of change,” said Wilson in a statement. “As I have stated for years, Lululemon needs visionary creative leadership to thrive. The simple truth is that the current board lacks these skills and, as a result, Lululemon is unable to win back the confidence of its critical stakeholders and regain commercial momentum. The nominees I put forward today are the change that is needed to redefine Lululemon and begin this company’s next chapter of success.”
Wilson’s three nominees include:
- Marc Maurer, former Co-CEO of On Holding;
- Laura Gentile, former Chief Marketing Officer of ESPN; and
- Eric Hirshberg, former CEO of Activision.
Lululemon responded to Wilson’s announcement by saying it has engaged with Wilson “in good faith for many years,” and had asked him to submit his Board nominees for consideration but that Wilson “declined to engage further,” instead releasing the names publicly. The Board said it will still consider Wilson’s nominees while defending its current makeup: “Lululemon has a highly engaged and experienced Board that is well-equipped to provide effective guidance on the company’s direction and the execution of our growth strategy,” reads the Board’s response statement. “Over one-third of our directors have joined the Board within the past four years.
“Mr. Wilson has not been involved with the company for a decade, and since his departure, Lululemon has continued to adapt to the marketplace and lead the industry, building one of the most compelling growth stories in retail,” the statement continued. “The Lululemon Board of Directors will continue to take actions that we believe are in the best interests of all the company’s shareholders.”
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If accepted, Wilson’s candidates will be voted on at Lululemon’s 2026 annual meeting of shareholders, which is expected to take place in June 2026. Wilson also has submitted a non-binding proposal that calls for the Board to immediately declassify so that all directors are elected annually by shareholders. The proposal calls out the fact that only approximately 10% of S&P 500 companies have staggered director elections, as Lululemon currently has.
“The recent CEO change announcement was the third total failure of Board oversight with no clear succession plan in place,” Wilson added. “Shareholders have no faith that this Board can select and support the next CEO without input from a Board with stronger product experience. The Board must be refreshed so that a creative, brand-first experience is empowered. This is the only way to restore shareholder confidence and set Lululemon back on the path to growth, product innovation and premium quality.“
Original article from Dec. 12, 2025 begins-
McDonald Steps Down as Lululemon Leader, Company Begins Search for New CEO
Longtime Lululemon Athletica CEO Calvin McDonald will leave the company on Jan. 31, 2026 as the athleisure brand begins a search for his successor. Meghan Frank, Lululemon’s CFO, and Chief Commercial Officer André Mastrini will serve as interim Co-CEOs during the transition period, and board chair Marti Morfitt will take on the expanded role of Executive Chair.
McDonald joined Lululemon in 2018 and guided the company through a significant growth period, more than tripling its annual revenues and broadening the brand’s global reach to more than 30 geographies. McDonald also oversaw the company’s China Mainland business growth into its second-largest market and expanded the Lululemon product portfolio into athletic and lifestyle categories.
Not everyone has praise for McDonald’s record: Lululemon Athletica founder Dennis J. “Chip” Wilson, one of the company’s largest shareholders, has been pressing for significant changes in Lululemon’s direction. “The board’s praise for Calvin McDonald, a CEO who has overseen massive value destruction over the past two years, with a 62.8% drop in Lululemon’s share price, shows blatant disregard for its shareholders,” Wilson in a statement. “In my view, the board has failed to properly hold management accountable to deliver product innovation and instead has led with complacency.
“As I have communicated to members of the Company publicly and privately, Lululemon needs revitalization and an infusion of new skills to get back to being a product-first company that creates real, long-term shareholder value,” Wilson added. “As one of the largest active shareholders of lululemon, I am deeply concerned about what appears to be a tremendous failure by the board to competently plan for the future and manage an effective succession process. This latest failure in my opinion only amplifies the urgency the company faces and the obvious need for the CEO search to be led by new, independent directors with real experience.”
Solid Q3 Buoyed by International Sales
The announcement of McDonald’s departure came as the retailer announced its financial results for Q3 2025, which ended Nov. 1, 2025. Net revenue increased to $2.6 billion, up 7% compared to the same period the previous year, with international sales pushing them into positive territory: Americas net revenue decreased 2% while international net revenue increased 33%. Comparable sales told a similar story, rising 2% on a constant dollar basis overall, with Americas comp sales falling 5% while international comp sales increased 18%.
“Serving as CEO of Lululemon has been the highlight of my career, and I am incredibly proud of everything our team has accomplished over the last seven years,” said McDonald in a statement. “Together, we have transformed the athletic apparel industry, and the opportunity ahead for Lululemon is substantial. I believe the outstanding product pipeline we’ve built and action plan we’ve put in place will yield positive results and deliver value to shareholders in the months and years ahead.”
McDonald’s departure is just the latest change in the Lululemon C-suite. The company named Mastrini, now interim Co-CEO, to the newly created position of Chief Commercial Officer just last month. This followed the August 2025 appointment of Ranju Das to the newly created role of Chief AI and Technology Officer.
[Editor’s note: This article has been updated to include comments on the executive change from Lululemon’s founder.]
