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Joele Frank handles strategic communications for lululemon athletica as the athletic apparel maker irons out a deal with its former CEO Chip Wilson in exchange for him calling off his proxy fight.
Lululemon will add two of Wilson’s three proposed directors at the June annual meeting.
They are Laura Gentile, former ESPN chief marketing officer, and Marc Maurer, ex-CEO of On Holding footwear company. A third director with product and brand experience will be appointed to the board by Oct. 1.
Wilson, who owns 8.7 percent of Lululemon, has agreed to enter an 18-month standstill agreement with the company.
Lululemon CEO Marti Morfitt said the pact with Wilson will enable the company to focus on continuing to strengthen its performance.
She said Gentile and Maurer will bring additional perspective to the company's existing group of qualified directors.
“Lululemon now has a clear path forward for our incoming CEO, Heidi O’Neill, and our leadership team, as we continue to advance our strategies to foster strong brand health, reaccelerate growth, and deliver enhanced value for our shareholders,” added Morfitt.
Joele Frank, Wilkinson Brimmer Katcher's Leigh Parrish and Jed Repko represent Lululemon
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