Former Levi's CEO Joins Board and Pursues Lululemon Stake Acquisition

lululemon athletica inc. (LULU) announced on March 17 that it has appointed former Levi Strauss & Co. CEO Chip Bergh as an independent director. On March 19, the company granted Bergh 272 restricted stock units, and on March 20, a trust in his name acquired an additional approximately $1 million (about 1.3 billion KRW) of lululemon shares through open-market purchases. Earlier in the month, on March 13, 4,692 performance-based shares awarded to André Maestrini—President and Chief Commercial Officer and Co-Interim CEO—for the 2023–2025 period were confirmed upon achievement of the targets and will vest into common stock on March 30. The company said these board and executive awards further align management’s interests with those of shareholders.

lululemon previously announced that CEO Calvin McDonald will step down effective January 31, 2026, and that CFO Meghan Frank and CCO André Maestrini will serve as Co-Interim CEOs during the search for a permanent successor. In recent weeks, founder Chip Wilson sent an open letter to the board calling for governance reforms, and activist hedge fund Elliott Investment Management has accumulated a stake exceeding $1 billion, intensifying pressure for change ahead of the 2026 annual meeting.

Headquartered in Vancouver, Canada, lululemon is a yoga- and athleisure-focused technical apparel and footwear brand that generated approximately $10.6 billion in net revenues in fiscal 2024 and holds a strong market position in the United States, China, and Canada. Chip Bergh, who led Levi Strauss for over a decade and is credited with revitalizing that global brand, is expected to play a central role in shaping lululemon’s strategic direction and governance going forward.