Lulus Announces Reduction in Size of its Board of Directors

Core Viewpoint - Lulu's Fashion Lounge Holdings, Inc. has announced a reduction in the size of its Board of Directors from eleven to six members as part of a strategy to reduce costs and streamline operations while adhering to corporate governance best practices [1][3]. Board Restructuring - Five directors have voluntarily resigned, effective September 4, 2024, leaving a Board composed of six members: four independent directors and two non-independent directors, including the CEO [1]. - The remaining directors are expected to possess the necessary skills to support the execution of the company's strategic plan and drive profitability [3]. Cost Reduction Measures - The Board has suspended payment of retainers to directors under the Non-Employee Director Compensation Program until further notice as part of the company's commitment to cost reduction [3]. - The restructuring includes the dissolution of the Technology and Innovation Committee, with its responsibilities redistributed to the Audit Committee [4]. Shareholder Communication - The Chairman of the Board expressed gratitude to the departing members for their service and emphasized the importance of their insights to the company's success [2]. - The company aims to restore shareholder value and return to growth under the leadership of CEO Crystal Landsem [3]. Stock Sale Plan - Mr. McCreight has amended his existing 10b5-1 Sales Plan to allow for the sale of 62,500 shares of common stock, down from 633,000 shares, effective November 18, 2024 [5].