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The Vancouver athleisure wear company’s founder and biggest critic said appointing former Nike executive Heidi O’Neill as CEO is a “reactive” choice, as is adding Esi Eggleston Bracey, former chief growth and marketing officer at Unilever, to its board. (The Logic)
Talking point: In a letter to shareholders, Wilson asked them to vote in favour of his three board nominees. He claims Lululemon’s board fails to understand the brand and does not have the ability to select the right next leader for the company, which has been struggling amid product issues and increased competition. Elliott Investment Management has also taken aim at the company’s leadership, calling for former Ralph Lauren executive Jane Nielsen to become CEO. The markets haven’t taken kindly to the hire of O’Neill. Since the announcement, Lululemon’s shares have fallen more than 15 per cent.
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