'Lululemon' New Director Acquires Shares Worth $1 Million Through Trust Immediately After Appointment

Charles V. “Chip” Berg, a newly appointed director of lululemon athletica inc. (LULU), was granted 272 restricted stock units on March 19 and, on March 20, acquired approximately 6,000 common shares on the open market through a trust for his benefit, boosting his indirect equity stake by about $1 million (roughly KRW 1.3 billion).

On March 13, Andre Maestrini—President, Chief Commercial Officer and Co-Interim CEO—had some 4,000 performance-based stock units for the 2023–2025 period certified as having met their targets; these units will vest and convert into common shares on March 30, further increasing his direct ownership.

In a March 17 filing, the company disclosed that it had appointed Berg as an independent director and that long-tenured director David Mussaffar will not stand for reelection at the 2026 annual shareholders’ meeting, signaling a concurrent board restructuring and mid- to long-term governance plan.

In its fiscal 2025 fourth-quarter and full-year results released March 17, lululemon reported revenue and earnings per share above market expectations. However, it issued cautious guidance for 2026, projecting revenue growth of 2–4% and reflecting North American sales declines and margin pressures. Following the earnings announcement—and amid cost headwinds from tariffs and changes to de minimis regulations, along with growth concerns—LULU shares slid to a 52-week low on March 30, increasing volatility.

Headquartered in Vancouver, Canada, with U.S. corporate entities, lululemon is a yoga- and athleisure-focused sportswear company listed on Nasdaq and included in the S&P 500 consumer discretionary index. The company has recently accelerated its international store expansion, notably in China.

Berg, a global consumer-goods expert and former CEO of Levi Strauss, joins lululemon’s board and, through his expanded stake, will participate in discussions on the company’s brand strategy and international growth plans.