Former Levi's CEO Joins as lululemon Restructures Leadership

lululemon athletica inc. (NASDAQ: LULU) announced on March 17 that it has appointed Chip Bergh, former president and CEO of Levi Strauss & Co., as an independent director effective immediately. Long-serving director David Mussafer will not stand for re-election at the 2026 annual meeting upon the expiration of his current term and will step down from the board.

On March 13, the company finalized performance-based equity awards comprising several thousand shares for André Maestrini—President and Chief Commercial Officer and co-interim CEO—and Megan Frank, CFO and co-interim CEO. These awards, reflecting their 2023–2025 performance, will vest into common stock on March 30 contingent on meeting service requirements.

At the end of February, Lululemon reported strong Q4 2025 results and provided guidance for fiscal 2026, noting an annual revenue run rate near US$10 billion (approximately KRW 13 trillion). Since CEO Calvin McDonald’s departure on January 31, Megan Frank and André Maestrini have been leading the company as co-interim CEOs.

Amid mounting shareholder-activist pressure, founder Chip Wilson launched a website on March 5 urging changes to the board and governance structure, accelerating the board and leadership reshuffle.

Founded in Vancouver, Canada, Lululemon is a global athleisure and yoga-wear specialist that, while still heavily focused on North America, has been steadily expanding its international store footprint, including in China. With growth moderating and competition intensifying in the premium sportswear sector, the recent board reconfiguration and executive transitions are viewed as strategic moves to strengthen governance and steer the company through its next phase of maturity.