Lululemon founder and major shareholder Chip Wilson has nominated three new board directors to oversee the appointment of a new chief executive at the struggling activewear maker, which has been targeted by activist investor Elliott Management.
Wilson, who owns an 8.4 per cent stake in the company, called for the appointments of former On Running co-CEO Marc Maurer, ex-ESPN marketing chief Laura Gentile and former Activision chief Eric Hirshberg to Lululemon’s board.
“Lululemon needs visionary creative leadership to thrive,” Wilson said on Monday. “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.”
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