Lululemon and Chip Wilson Extend Board Appointment Deadline

Lululemon Athletica Inc. and its founder, Chip Wilson, have agreed to extend an October 1 deadline for appointing a new member to the company's board of directors. The appointment is a central requirement of a truce agreement reached in May to end months of public disputes between Wilson and the retailer.

Under the terms of the settlement, Lululemon committed to appointing a director with apparel and brand expertise, subject to Wilson's approval. In exchange, Wilson agreed to refrain from disparaging the company for approximately 18 months. As part of the deal, Lululemon previously added two of three executives nominated by Wilson to its board.

The company did not specify the reason for the delay or the length of the extension. This agreement comes as Lululemon manages a significant decline in share value and increased competition. The company recently underwent a leadership change in September, when former Nike executive Heidi O’Neill assumed the role of chief executive.