Lululemon Founder Chip Wilson has nominated three independent directors to the athletic wear company’s board as he seeks to overhaul it.

Wilson also submitted a non-binding proposal that calls for the Vancouver-based company to declassify all board directors so that they are elected by shareholders. The moves come after Wilson took credit for the ouster of former CEO Calvin McDonald from his post.

His three nominations are Marc Maurer, the former co-CEO of On Holding; Laura Gentile, ESPN’s former chief marketing officer; and Eric Hirshberg, the former CEO of Activision.

“It is clear to me that these independent, highly-accomplished nominees will be an asset to Lululemon,” said Wilson. “They can play an essential role in refocusing on the inspirational customer, revitalizing its bold vision, attracting the best people and maximizing value for all shareholders.”

Contending that Lululemon is in need of change, he said the current board lacks the necessary creative leadership to thrive and is unable to win back the confidence of critical stakeholders and regain commercial momentum.

“My passion for the Lululemon Athletica muse has never changed, but I know this campaign for change cannot be about me,” said Wilson. “It is about recommitting Lululemon to genuine creative leadership that will re-establish a brand of enduring strength. That is why we have put forward three, fully independent and world-class creative leaders to make the board more effective and accountable.”

CFO Meghan Frank and Chief Commercial Officer André Maestrini now serve as interim co-CEOs. Wilson said the change was the third “total failure” of board oversight with no clear succession plan in place.

“Shareholders have no faith that this board can select and support the next CEO without input from a board with stronger product experience,” said Wilson. “The board must be refreshed so that creative, brand-first experience is empowered. This is the only way to restore shareholder confidence and set Lululemon back on the path to growth, product innovation and premium quality. 

Lululemon’s stock has suffered major declines in recent years. The price rebounded after McDonald’s departure.

Pictured: Lululemon flagship store in downtown Vancouver.

Photo: Lululemon