Lululemon has settled its proxy fight with founder Chip Wilson, ending one of the year's top proxy battles, according to Reuters. This follows a fiery letter to shareholders from Wilson earlier this year, calling for activism, as the athletic apparel retailer has seen its shares collapse, lost market share in the leggings market, and become entangled in multiple see-through leggings quality-control issues with customers.
Reuters first reported Tuesday evening that Lululemon and Wilson were nearing a settlement that would give him two board nominees and include a commitment to find another mutually agreed-upon director at a future date.
The agreement would give Wilson regular access to Heidi O'Neill, Lululemon's incoming CEO, according to Reuters, which cited sources.
The dispute comes as Lululemon's North American sales weaken, competition from Alo and Vuori intensifies, and the stock is down nearly 77% from its 2024 peak of around $500 per share.
In late February, Wilson wrote a fiery letter to shareholders, in which he said, "In support of all shareholders, I am pursuing a campaign to catalyze a quantum of change that is sorely needed at Lululemon. To effect that change, I have pursued private, constructive dialogues with the Lululemon Board of Directors (the 'Board') for the past few months. My attempts toward a sensible solution have not been reciprocated."
He continued, "While we have proposed changing three directors, our strong feeling is that more than three directors should be replaced."
Wall Street analysts tracked by Bloomberg are mostly neutral on the stock.
Even before Chip's public letter, we pointed out: "Lululemon's path back to relevance in the athletic space may require a shake-up of the Board."
Time for Chip to launch a plan to save comapny he founded in 1998.
Tyler Durden Wed, 05/27/2026 - 09:20Authored by Aldgra Fredly via The Epoch Times,
Former President Joe Biden filed a lawsuit on May 26 in a bid to block the Department of Justice (DOJ) from releasing audio recordings and transcripts of his private conversations with a biographer that were connected to a 2023 special counsel probe into his handling of classified records.
The lawsuit, filed in the U.S. District Court for the District of Columbia, comes as the DOJ planned to release the materials to the House Judiciary Committee and conservative think tank The Heritage Foundation on June 15.
The materials stemmed from private conversations Biden had with ghostwriter Mark Zwonitzer in his home between 2016 and 2017 as part of the writing process for his memoir titled “Promise Me, Dad: A Year of Hope, Hardship, and Purpose.”
The book detailed Biden’s decision to run for the 2016 presidency while his eldest son, Beau, fought brain cancer and later passed away in 2015, according to the lawsuit.
The DOJ later obtained the materials in 2023 as part of former special counsel Robert Hur’s investigation into Biden’s handling of classified information after his vice presidency.
The probe ended in 2024 with findings that Biden had willfully retained classified materials, though no criminal charges were pursued. Hur said at the time that the evidence fell short of proof beyond a reasonable doubt.
According to Biden’s lawsuit, the DOJ initially withheld the materials under the Freedom of Information Act (FOIA) on the grounds that they were exempt from disclosure, but the department later reversed its position under President Donald Trump’s second term.
The lawsuit seeks judicial review to stop the DOJ from disclosing the materials, citing Biden’s privacy rights and the DOJ’s obligations to protect “sensitive and highly personal law enforcement information.”
“Every American, including a sitting or former Vice President, has a right to privacy in the personal conversations he has within his own home,” the lawsuit stated.
“And when the U.S. Department of Justice obtains that private information through a criminal investigation, the department bears a particular responsibility to protect it from disclosure.”
The Epoch Times reached out to the DOJ for comment, but did not receive a response by publication time.
Biden has earlier sought to intervene in the Heritage Foundation’s lawsuit against the DOJ over the materials. Last week, a judge allowed Biden to join the case but barred him from pursuing claims about the committee’s request for the materials, according to court records.
Oversight Project, a legal advocacy arm of The Heritage Foundation, said on May 11 that the public deserves access to the materials and called for full transparency regarding Hur’s 2023 probe.
“President Biden revealed classified information and was not prosecuted,” Oversight Project President Mike Howell said in a statement, adding, “These tapes will further prove the massive lie regarding Biden’s fitness for office and the fact Biden revealed classified information.”
Tyler Durden Wed, 05/27/2026 - 08:45