Lululemon shares rose more than 3% after shareholders approved three management-backed directors at the company's June 25 annual general meeting, helping resolve a prolonged proxy dispute with founder Chip Wilson. The elected directors include former Levi Strauss CEO Chip Bergh, Unilever executive Esi Eggleston Bracey and finance veteran Teri List, strengthening the board as the company prepares for incoming CEO Heidi O'Neill in September. Lululemon also confirmed that two of Wilson's nominees, former On co-CEO Marc Maurer and former ESPN chief marketing officer Laura Gentile, have joined the board as independent directors, with a third mutually agreed director expected by October 1, expanding the board to 11 members. The changes follow a May settlement aimed at ending months of public tension between Wilson, who owns about 8.6% of the company, and Lululemon's leadership, with Wilson committing to an 18-month period of refraining from public criticism. Lululemon has struggled amid intensifying competition from rivals such as Alo Yoga and Vuori, with the stock down about 50% in the last 12 months.
Lululemon Athletica Inc.Shareholders approved management-backed directors, resolving proxy dispute with founder Chip Wilson and strengthening board ahead of CEO transition.
Levi Strauss & Co Class A
On Holding Ltd
Unilever PLC
Unilever PLC