Lululemon adds Chip Bergh to board as North America revenue declines

Core Insights - Lululemon's founder Chip Wilson has been actively campaigning against the company, achieving a significant change with the appointment of a new board member, Chip Bergh, while expressing dissatisfaction with the board's governance and composition [3][4][5] - The company is currently in search of a new CEO, with ongoing discussions with qualified candidates, as it faces challenges in revenue growth, particularly in North America [6][7] Group 1: Board Changes and Governance - Chip Wilson criticized the appointment of Chip Bergh as "underwhelming" and highlighted governance issues, stating that three directors are still linked to a private equity firm without a disclosed ownership stake in Lululemon [4][5] - Wilson has been vocal about the need for creative leadership and has nominated his own candidates for the board, indicating ongoing tensions regarding governance [5] Group 2: Financial Performance - Lululemon reported Q4 sales were flat year-over-year, with a 6% increase when excluding an extra week in 2024, and comparable store sales grew by 3% [7] - North American revenue trends were negative, with a 4% decrease in Q4 and a 1% decline for the full year, marking the first year of revenue declines in the U.S. according to Guggenheim analysts [7]