Tara Poseley joins board of 13 directors, which includes 12 who are independent
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Lululemon Athletica Inc. and its billionaire founder Chip Wilson announced a new board member, part of the two parties’ truce as the yoga-pants maker fights to recapture sales growth.
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The company is appointing Tara Poseley, who served as chief executive of Paula’s Choice Skincare from 2016 to 2023, as a director, according to a statement. She also spent 15 years at Gap Inc.
Lululemon’s board now has 13 directors, including 12 who are independent. The company confirmed the appointment is a part of the cooperation agreement it signed with Wilson last May.
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“Her appointment is another positive step toward strengthening the company’s product-first vision and creating long-term value for shareholders,” Wilson said in the statement.
The appointment had been delayed past an earlier Oct. 1 deadline.
Heidi O’Neill, a former Nike executive, recently took over as Lululemon’s CEO as the retailer navigates a slowdown amid intense competition.
The company’s shares have lost about half of their value this year.
Before O’Neill joined in September, the company had gone months without a permanent CEO and stumbled through a series of self-inflicted wounds, including complaints that some of its leggings were too sheer.
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