Story perspectives

Lululemon Picks ex-Nike CEO, Shares Drop 12%

4/23/2026

Summary

Lululemon Names CEO

Lululemon appointed former Nike executive Heidi O’Neill CEO effective Sept. 8 2026 with a $1.4 million base salary.
Shares fell 12% after the appointment, extending a 38% decline over the past year.
Elliott Investment Management, which holds about $1 billion of Lululemon stock, reports that founder Chip Wilson (?4.3% stake) urges board changes.
O’Neill spent 25 years at Nike, as president of consumer, product and brand, and helped grow company from $9 billion to $45 billion.

Summary

Heidi O’Neill CEO

The board appointed former Levi Strauss CEO Chip Bergh as chief executive in March 2026, filing a proxy statement with the SEC for its 2026 annual meeting.
Activist investor Elliott Investment Management built a $1 billion stake and initially backed Jane Nielsen for CEO.
Heidi O’Neill, a director of Spotify Technology, Hyatt Hotels and Lithia & Driveway, will become CEO, sending interim co-CEOs Meghan Frank and André Maestrini back to CFO and commercial officer duties.

History

Historical Context

Nike, founded in 1964 by Phil Knight and Bill Bowerman, transformed from a distributor of Japanese shoes to a global leader in athletic apparel, achieving $45 billion in revenue by 2020. The company's strategic shifts, including hiring experienced leaders like Heidi O’Neill, reflect a broader trend in retail towards revitalizing brands amid fluctuating stock performance and evolving consumer preferences.

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Lululemon Names CEO

Lululemon appointed former Nike executive Heidi O’Neill CEO effective Sept. 8 2026 with a $1.4 million base salary.
Shares fell 12% after the appointment, extending a 38% decline over the past year.
Elliott Investment Management, which holds about $1 billion of Lululemon stock, reports that founder Chip Wilson (?4.3% stake) urges board changes.
O’Neill spent 25 years at Nike, as president of consumer, product and brand, and helped grow company from $9 billion to $45 billion.

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