Lululemon Athletica Inc. (NASDAQ: LULU) announced it has entered into a cooperation agreement with founder Dennis "Chip" Wilson, who owns approximately 8.7% of the company's outstanding common stock.

Under the agreement, Laura Gentile, former Chief Marketing Officer of ESPN, and Marc Maurer, former Co-Chief Executive Officer of On, will join lululemon's Board of Directors following the company's 2026 Annual Meeting of Shareholders. The company also agreed to appoint an additional director with product and brand expertise in apparel by October 1, 2026.

Gentile served as Executive Vice President and Chief Marketing Officer at ESPN from January 2018 to October 2023, where she founded espnW, ESPN's platform dedicated to women in sports. Following her ESPN tenure, she co-founded Storied Sports LLC, a content and IP studio focused on women's sports.

Maurer served as Co-Chief Executive Officer of On from January 2021 to May 2025, after joining the Swiss athletic company in 2013 as Chief Operating Officer. During his tenure, On expanded internationally, diversified its product portfolio, and completed a public listing.

Wilson has agreed to customary standstill, non-disparagement, voting, and related provisions for approximately 18 months until 30 days prior to the nomination deadline for the 2028 annual meeting. In lieu of expense reimbursement, lululemon and Wilson agreed that a donation will be made supporting athletics, art, and landscaping at Kitsilano Beach in Vancouver, where lululemon was founded.

The cooperation agreement will be filed on Form 8-K with the U.S. Securities and Exchange Commission. Alfredo Porretti & Co. and J.P. Morgan are acting as financial advisors to lululemon, while Sidley Austin LLP serves as legal advisor.