Lululemon Urges Rejection of Wilson's Board Nominees

Lululemon Athletica is urging shareholders to reject board nominees proposed by its founder and largest individual shareholder, Chip Wilson, ahead of the company's annual general meeting in June.

The Vancouver-based athleisure retailer has nominated three candidates: former Levi Strauss CEO Chip Bergh, ex-Unilever chief growth and marketing officer Esi Eggleston Bracey, and former Gap chief financial officer Teri List. In a proxy statement, Lululemon described them as possessing "strong executive leadership background, board experience and extensive expertise spanning global consumer brands" to support long-term growth.

Wilson, who owns 8.6 percent of the company and left the board in 2015, has nominated Marc Maurer, former co-CEO of On Holding AG; Laura Gentile, ex-chief marketing officer at ESPN; and Eric Hirshberg, former CEO of Activision. In a letter to shareholders released Wednesday, Wilson called his candidates "independent, highly-qualified nominees" that would "catalyze restoration of Lululemon's once bold vision and product-centred brand and stop the value destruction the board has overseen for years."

The dispute escalates tensions that have simmered for months amid...