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"This latest news does not change how we are executing our strategy, serving our guests, and supporting one another," she said.

On Monday, Wilson nominated three director candidates as he expressed his lack of faith in the existing board and what he said was a lack of "visionary creative leadership."

Wilson's move comes after the company announced on Dec. 11 that current CEO Calvin McDonald would step down from his role at the end of January and a search was underway for a replacement.

Wilson said the lack of a clear succession plan was another "total failure" of board oversight.

Lululemon pushed back against Wilson's assessment, saying it has a highly engaged and experienced board that has consistently listened to his perspective despite his not being involved in the company for a decade.

Frank said in the letter that the leadership team and board remain confident in Lululemon and its direction, including its expanding geographic reach and product innovation.

She said the company is navigating "complex market dynamics" and that while there is still work to be done, there is positive momentum across the organization.

The company's share price has reflected some of those complex dynamics as it faces heightened competition and reported a drop in North American revenue in its last quarter. Lululemon shares have fallen from a peak of over $500 two years ago to around $212 this week. 

Wilson, who remains a large shareholder in the company, has said a refreshed board should choose the new leader of the company, though new board candidates won't be voted on until the company's next annual general meeting that it usually holds in June. 

His three candidates for the board include Marc Maurer, former co-chief executive of On Holding AG, Laura Gentile, former chief marketing officer of ESPN and Eric Hirshberg, former chief executive officer of Activision.

This report by ºÃÉ«tvwas first published Dec. 30, 2026.