Lululemon founder Chip Wilson has agreed in principle to eight key terms proposed by the board to resolve their ongoing proxy battle, which has intensified as LULU shares have fallen over 40% year-to-date.
- The agreement includes appointing two of Wilson's nominees and establishing a new product advisory council.
- Despite Wilson's readiness for a resolution, the board is still urging shareholders to vote for its own nominees.
- LULU stock closed at $119.22 on May 19 as the company grapples with slowing growth and margin pressure.