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00:03Lululemon reached an agreement with founder Chip Wilson on Wednesday
00:05to end the proxy contest he launched late last year as the company's largest individual shareholder,
00:11according to CNBC.
00:13Under the deal, Lululemon agreed to appoint two of Wilson's nominees,
00:17former on-co-CEO Mark Maurer and former ESPN chief marketing officer Laura Gentile,
00:23plus an additional director with apparel product and brand expertise by October.
00:27Wilson agreed to refrain from publicly criticizing Lululemon for roughly a year and a half,
00:32among other conditions.
00:34The company also agreed to appoint an additional director with apparel product and brand expertise by October.
00:40Executive chair Marty Morfitt said the agreement lets Lululemon focus on performance
00:45and gives incoming CEO Heidi O'Neill a clear path forward.
00:49Wilson said the new appointees and prior strategic changes
00:53reflect progress toward restoring the company's product-first vision
00:56and delivering shareholder value.
00:59Shares rose about 4% in early trading.
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