lululemon founder Chip Wilson launches proxy fight to change board

We saw this coming, but now it's official.

Chip Wilson has launched a proxy fight in an effort to remake the company's board while they search for a new CEO.

The nominees are former On Running co-CEO Marc Maurer, former ESPN Chief Marketing Officer Laura Gentile and former Activision CEO Eric Hirshberg, the people said.

Wilson is not nominating himself to rejoin the board. He does, however, remain lulu's 2nd largest shareholder, with nearly 9% of the total shares outstanding.

lululemon is in the midst of an identity crisis. Earlier this month, the company said that Calvin McDonald will step down in January. The stock is down 45% this year.

Pressure had been mounting for McDonald to turn around the business, including from Wilson, who had been publicly criticizing him and the company for killing innovation and “losing its cool.” Sales have recently stagnated in the U.S., with newer rivals such as Alo Yoga and Vuori eating at market share.

Wilson isn’t the only one pushing for change. Activist Elliott Investment Management has built a stake of more than $1 billion in Lululemon and is advocating for former Ralph Lauren executive Jane Nielsen to be the next CEO.