Lululemon will add to its board of directors a former On executive and the person who founded ESPN’s women-focused business to end a monthslong dispute with its polarizing founder Chip Wilson.
Under the deal, Lululemon will appoint to its board Marc Maurer, the recently departed co-CEO of Swiss sneaker brand On, as well as Laura Gentile, ESPN’s former chief marketing officer who founded espnW. They will formally join the board following Lululemon’s upcoming annual meeting of shareholders, on June 25. Lululemon has also pledged to add an additional board member with “product and brand expertise in apparel” to its board by Oct. 1 of this year.
Eric Hirshberg, former CEO of videogame giant Activision and the third person Wilson put forth, will not be added to the board.
Wilson—the 71-year-old founder of Lululemon who resigned from the Canadian company’s board of directors in 2015 but retained a roughly 8.7% stake—has agreed not to disparage the business for roughly 18 months.
“The Board additions lululemon announced today and strategic changes already made by the team reflect meaningful progress toward restoring the company’s product-first vision and unlocking tremendous value for shareholders,” Wilson said in Wednesday’s press release.
