5d • General discussion
Phil's Team Wrote to LULU's Board
Phil Town's team sent a formal letter to Lululemon's board in April, raising two concerns:
1.A classified board structure giving directors three-year election cycles
2.Multiple long-tenured directors with minimal skin in the game — conditions that had quietly eroded accountability behind recent product failures and strategic missteps.
The board responded constructively. LULU's VP and also the Executive Chair Martha Morphet personally called Phil's analyst, and confirmed support for declassification, which now appears in the proxy filing as a board-recommended "yes" vote.
Three long-tenured directors have departed, replaced by Chip Berg (former Levi's CEO, bought $1M in shares immediately) and Essie Bracey, bringing real retail and brand-building experience.
It shows that LULU's board are responsive to shareholders concerns with new composition, which is at least a positive sign.
Also another note is, to us as investors, actually we don't need to hold lots of shares but as long as we can provide constructive feedback and suggestions, which offers value for executeive time, you might consider to try this way to engage in the future as well.
The below screenshots are a small part of the letter.
LULU's stock price drops a lot these days, but to be honest it doesn't bother us as Rule1 investors if you really understand our system, follow the strategy and bear in mind our goal is long-term value investing, I will cover this in the next days. :)
Happy investing,
Wendy
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Phil's Team Wrote to LULU's Board
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