Wednesday, Lululemon Athletica Inc. (LULU) announced a cooperation agreement with Dennis J. "Chip" Wilson, who owns approximately 8.7% of the company's outstanding common stock.
As per the agreement, Laura Gentile, former Chief Marketing Officer of ESPN, and Marc Maurer, former Co-Chief Executive Officer of On, will join the company's Board of Directors following the company's 2026 Annual Meeting of Shareholders.
Also, the company will appoint an additional director with product and brand expertise in apparel to the Board by October 1, 2026.
Lululemon stated that the deal allows the company to focus on continuing to strengthen its performance, foster strong brand health, reaccelerate growth, and deliver enhanced shareholder value.
In the pre-market hours, LULU is trading at $130.79, up 2.70 percent on the Nasdaq.
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