Lululemon adds Chip Bergh to board as North America revenue declines

The brand says it wants to avoid a proxy fight but that Wilson “declined to engage further” after nominating three people to its board.

Chip Wilson alleged the board and Calvin McDonald oversaw years of value destruction of the brand, though most analysts praised McDonald’s tenure.

The retailer, which called its founder’s perspective “outdated,” had offered to elect two of his nominees, part of a settlement he rejected.

Two of Wilson’s board nominees will join after all, and he has agreed to hold off on further agitation for the next 18 months or…

Revenue in Q3 was down 5% to $1.3 billion, but executives believe declines in North America have hit the bottom of their trajectory.