Founder Chip Wilson issued a definitive proxy statement on April 29, 2026, urging shareholders to vote for his three independent nominees on the GOLD proxy card at the upcoming Annual Meeting. He framed the vote as essential to restoring lululemon’s original vision and halting continued value destruction.

Wilson argued that the existing board lacks the expertise to protect the brand’s premium positioning or recruit world-class product and brand leaders. He highlighted overlapping professional networks, failed negotiations for a standstill agreement and excessive demands such as a million-dollar escrow for non-disparagement as evidence of broken governance.

Wilson pinpointed strategic missteps like the mass-market Disney collaboration and internal "brand harvesting" decisions as drivers of eroding customer loyalty, estimating that these actions contributed to billions in lost brand value. He specifically cited the appointment of Heidi O’Neill as CEO as emblematic of the board’s flawed strategy.