Lululemon's board of directors has publicly responded to the ongoing proxy fight initiated by founder Chip Wilson, issuing a letter to shareholders on May 18, 2026. The company filed its definitive proxy materials and is urging investors to vote for its slate of three director nominees at the upcoming annual meeting on June 25. The letter directly criticizes Wilson, stating his perspectives are "outdated" and that his actions are "damaging to the brand."
The board is defending its recent actions, including the appointment of a new CEO, as part of a strategy to drive growth and enhance shareholder value. This public escalation comes at a critical time for Lululemon, as its stock has fallen more than 40% year-to-date. The company warns that electing any of Wilson's nominees would jeopardize its leadership and strategic plans.