Lululemon and Chip Wilson Near Proxy War Settlement
Lululemon Athletica is reportedly close to a deal that would grant founder Chip Wilson two board seats in exchange for a two-year standstill agreement. The potential settlement aims to resolve a months-long dispute as incoming CEO Heidi ONeill prepares to take leadership in September.
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Lululemon Athletica Inc is nearing a settlement with founder Chip Wilson to end a proxy fight by granting his nominees two board seats. The deal follows a sharp decline in share price, which tumbled more than 60% in the last 12 months as Lululemon loses market share to competitors. Resolving internal friction allows management to focus on a leadership transition and stabilizing North American sales.
