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Lululemon Athletica‘s founder Chip Wilson said on Monday he had launched a proxy fight by nominating three independent directors to the company’s board, just over two weeks after the apparel maker announced the exit of CEO Calvin McDonald without a clear successor. Lululemon shares have shed nearly half their value this year as the company struggles to find its footing with younger and affluent shoppers, while battling stiff competition from fast-growing newer rivals such as Alo Yoga and Vuori, as well as pressure from activist investor Elliott Management. Wilson has nominated three director candidates to Lululemon’s board, including former On Running co-CEO Marc Maurer, former ESPN Chief Marketing Officer Laura Gentile and former Activision CEO Eric Hirshberg. The board installed Chief Financial Officer Meghan Frank and Chief Commercial Officer André Maestrini as interim co-CEOs while they search for a permanent replacement. Reuters had reported that Elliott Management, which disclosed a $1 billion stake in the company earlier this month, had been working closely for months with former Ralph Lauren executive Jane Nielsen for a potential CEO role. When asked whether Wilson was teaming up with activist investor Elliott in pushing for the board change, a person familiar with Wilson’s thinking said he was not working with any other investor. At the same time, Elliott’s campaign for a new CEO would not interfere with his plans, the person added, asking not to be named. Wilson had spoken to Nielsen, but any CEO selected by the company before board changes would not have Wilson’s support, the source said. “The recent CEO change announcement was the third total failure of board oversight, with no clear succession plan in place. Shareholders have no faith that this board can select and support the next CEO without input from a board with stronger product experience,” Wilson said in a statement. Lululemon did not immediately respond to a Reuters request for comment. The company’s shares rose about 1% in morning trading. “Adding three new board members seems like something that Lululemon would be willing to do. It might keep Wilson from constantly attacking the board, at least. The nominees appear to be fine, although only one of the three (Maurer) has direct experience in Lululemon’s industry,” Morningstar analyst David Swartz said. Wilson likely did not ask for a board seat for himself as he owns a significant stake in Lululemon’s competitor Amer Sports, Swartz added. The Wall Street Journal first reported about Wilson launching a proxy fight against Lululemon’s board earlier in the day. Wilson’s history with Lululemon Wilson is one of the biggest independent shareholders of Lululemon, with a 4.27% stake as of December 2025, according to LSEG data. The yogawear maker’s founder had previously called for an urgent search for a CEO to replace McDonald, led by new, independent directors with a deep knowledge of the company to restore a “product-first” mindset at the company. This is not the first time Wilson has pushed for changes at Lululemon’s board. After founding the apparel company in 1998, Wilson withdrew from daily operations in 2012 and resigned as chairman a year later following a recall of see-through yoga pants that led to the departures of top executives amid a public-relations storm. He also quit the director post in 2015 after clashing with the board over strategy. However, a proxy fight was averted after Wilson agreed to sell about half of his 27% stake to private-equity firm Advent International for $845 million in return for two additional director positions. Juveria Tabassum, Sanskriti Shekhar, and Anuja Bharat Mistry, Reuters
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The start of a new year usually brings new motivation to achieve goals like eating healthier or finally cleaning your basement. Many resolutions also focus on financial goals, such as paying off credit card debt, saving for a new house, or simply getting more educated about money. New Years is a really good time to review and realign your financial goals overall, said Erica Grundza, certified financial planner at Betterment, an investing and savings app. When building your goals for 2026, Grundza recommends focusing less on the past and more on an optimistic, yet realistic, vision for the future. She recommends that you focus on reestablishing the why behind your approach to money and how you want to make it work for your life. This can be as simple as saving $10 each week in a savings account, or a bigger goal like saving to buy a house in the coming years. Its all about your own journey. The Associated Press spoke with people who are making financial resolutions for 2026. Heres a look at what theyre planning and how you can draw inspiration for your own resolutions: Making achievable plans Resolutions can easily turn into unattainable goals that feel more like a dream, said MarieYolaine Toms, a coach and founder of Focused Fire, a financial coaching company. To avoid setting unrealistic expectations, Toms follows a no resolutions mindset and instead focuses on making an actionable plan. What I say every year is that I am not making resolutions, Im making plans that can be tracked forward, traced back, and tweaked until completion, Toms said. Recently, Toms encouraged her clients to check their credit report with the three credit bureaus and, based on their credit reports, make an attainable plan to start a savings account. For example, adding $25 to their savings account every week. Whether youre trying to pay off debt or save for a vacation abroad, the first step towards making a plan can be creating a budget. When making a budget, its best to find a technique that works for you, whether its the classic 50/30/20 plan or another budgeting style. If youre building a budget for the first time, you can find some expert recommendations here. Paying off debt After losing her job as a magazine editor in September, Rachel Pelovitz, 33, had to take a closer look at her finances. Having acquired a significant amount of debt over the last few years due to her husbands year-and-a-half-long unemployment, Pelovitz explored several options to pay it off. Ultimately, Pelovitz and her husband chose to sell their house and work with a debt consolidation organization. Rather than rely on getting more debt, we are currently selling our house, Pelovitz said. Pelovitzs main goal for 2026 is to pay off half of her credit card debt. And, with some of the money from selling the house, start investing moderately. If youve also experienced a layoff, you can read expert recommendations to help you take care of your finances and your mental health here. Building a savings account For Jenni Lee, 27, this is going to be the year when she gets strict about building her savings account. While Lee considers herself generally good with money, over the last six months she has overspent and wants to rein it in. The long-term goal for her savings journey is for Lee to buy a house. Im now in my late 20s, Im starting to really think about where I pinch now so it wont hurt later when I finally decide to purchase and own a place, said Lee, a tech worker and lifestyle TikTok creator based in Chicago. As she saves for her future home and possibly a trip to South Korea, Lee wants to cut unnecessary spending on clothing items and eating out. Social media microtrends are a common influence on peoples shopping decisions, and this can lead to overspending. If youre looking to avoid spending money on microtrends, you can find experts recommendations here. Building an emergency fund If you are in a position to do so, having multiple financial goals youre working towards at the same time can be a great way to speed up your progress. For Worcester resident Melanie Duarte, 23, her New Years money goals include paying off her student loans and credit card debt while building an emergency fund. I made sure to include it in my budget, even if its something as small as like $50. I just want to make sure I still put something in (my emergency fund) so that it eventually multiplies, said Duarte, who owns a marketing agency. Duartes family didnt speak openly about finances when she was growing up. But, since she opened her own business, Duarte has been slowly working on rewriting her relationship with money. If youre looking to start an emergency fund or create better habits while you save, you can read some experts recommendations here. Finding balance Finding a balance between saving for your long-term goals while also making sure you enjoy your money is important, but it can also be challenging. After the death of her grandfather just a few years after retirement, Tiana Stewart, 26, felt that he didnt get to enjoy the fruits of his labor. So, this past year, Stewart decided to enjoy her life and travel. I do understand saving for retirement is important, but I also want to enjoy my life and the money that I work for at this time, especially being in my 20s, said Stewart, who lives in Maryland. But now, as she reflects on her financial future, Stewart wants to focus on paying off debt, saving, and investing. Having a healthy balance between enjoying life and saving for the future is what she wants to work toward. For some, participating in budgeting challenges such as the no-buy year can be a great way to set boundaries on your spending and set aside money towards your financial goals. Many people start such challenges at the beginning of the year and commit to keep going until the end, but others start with a no-buy month. __ The Associated Press receives support from Charles Schwab Foundation for educational and explanatory reporting to improve financial literacy. The independent foundation is separate from Charles Schwab and Co. Inc. The AP is solely responsible for its journalism.
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The Trump administration will award each U.S. state between $147 million and $281 million in 2026 under a new rural health transformation program aimed at improving access to care and service quality, a senior White House aide said on Monday. The initiative, authorized under the One Big Beautiful Bill Act, will provide $50 billion over five fiscal years. It will make $10 billion available each year from fiscal 2026 through fiscal 2030 for all 50 states. Centers for Medicare & Medicaid Services Administrator Mehmet Oz said the fund is intended to improve rural health outcomes that have worsened over decades, while avoiding costly new construction. “This is a massive effort to change the unfortunate reality that has overtaken rural healthcare in America, which is that your ZIP code has started to predict your life expectancy,” Oz told reporters. He said the money will also support other pilot projects across the country. Officials said they will allocate half the funding equally among states, with the remaining $25 billion distributed based on factors tied to rural health systems, state policy actions, and initiatives states propose in their applications. Administration officials also said they will recoup funds if states fail to meet certain criteria or do not carry out pledged actions. “The purpose of this $50 billion investment in rural healthcare is not to pay off bills,” Oz said. “The purpose of this $50 billion investment is to allow us to right-size the system and to deal with the fundamental hindrances of improvement in rural healthcare.” The rollout comes as President Donald Trump faces weak approval ratings, with inflation and cost-of-living concerns dominating voters’ minds ahead of next year’s congressional elections. Trump performed strongly with rural voters, who made up about 36% of his voters in the 2024 presidential election, compared with 16% for his Democratic rival Kamala Harris, according to the Pew Research Center. Moderate Republicans, who are pivotal to maintaining the party’s razor-thin majority in Congress, face added pressure as the House has not extended enhanced Affordable Care Act premium subsidies, leaving many marketplace enrollees projected to see higher premiums starting January 1. Andrea Shalal and Sriparna Roy, Reuters
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