Isabel Mahe
lululemon athleticaAbout Isabel Mahe
Isabel Mahe (age 51) has served as an independent director of lululemon athletica inc. since November 2022; she is Vice President and Managing Director of Greater China at Apple Inc., and previously led Apple’s Wireless Technologies team. She holds a B.A.Sc. and M.Eng. from Simon Fraser University and an MBA from UC Berkeley; Fortune named her among the 50 Most Powerful Women in 2021 and 2022 . As of April 29, 2025, her board tenure is ~2 years and she is deemed independent under Nasdaq rules .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Apple Inc. | VP & Managing Director, Greater China | Current (dates not specified) | Senior leadership in global markets and product/technology strategy |
| Apple Inc. | VP, Wireless Technologies | Prior role | Technology leadership; innovation track record |
| Palm | Leadership roles | Prior role | Technology operating experience |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Starbucks Corporation | Director | 2019–2023 | Former public company directorship |
Board Governance
- Committee assignments: Corporate Responsibility, Sustainability & Governance (CRSG) and People, Culture & Compensation (PCCC); not a chair .
- Independence: Board determined Mahe is independent under Nasdaq listing standards .
- Attendance: In 2024, all directors attended at least 75% of board and applicable committee meetings; board met 6 times; CRSG and PCCC each held 6 meetings .
- Executive sessions: Non-management directors meet in executive session at regularly scheduled board meetings .
| Committee | Role | FY2024 Meetings | Membership Detail |
|---|---|---|---|
| CRSG | Member | 6 | Members: David Mussafer (Chair), Isabel Mahe, Jon McNeill, Emily White |
| PCCC | Member | 6 | Members: Emily White (Chair), Michael Casey, Isabel Mahe, Alison Loehnis, Kathryn Henry |
Fixed Compensation
| Fiscal Year | Cash Retainer ($) | Committee Fees ($) | Equity Grant ($) | Total ($) |
|---|---|---|---|---|
| 2024 (actual) | 121,648 | Included in cash (committee-specific not itemized for individuals) | 159,439 (RSUs; grant-date fair value) | 281,087 |
| 2025 (program) | 100,000 base | PCCC member: 12,500; CRSG member: 10,000 | 160,000 (annual RSU grant) | Program design (not individual totals) |
Director Stock Ownership Guidelines: Minimum 5x base annual cash retainer (i.e., $500,000 for a $100,000 retainer); compliance expected within 5 years .
Performance Compensation
Directors receive time-based restricted stock awards; there are no performance metrics attached to director equity.
| Equity Element | Grant Value | Vesting | Performance Metrics |
|---|---|---|---|
| Annual RSUs | ~$160,000 per year | One-year vest; generally granted after annual meeting if director remains on board | None (time-based) |
Policy Controls:
- Insider trading policy prohibits hedging and pledging of company stock for all directors, officers, employees, contractors, and consultants .
Other Directorships & Interlocks
| Company | Type | Role | Potential Interlock/Conflict Notes |
|---|---|---|---|
| Starbucks Corporation | Public | Director (2019–2023) | Historical board role; no related-party transactions disclosed by lululemon |
Compensation Committee Interlocks: None of current PCCC members (including Mahe) have served as an officer or employee of lululemon; Kathryn Henry last held an executive role in 2014 .
Expertise & Qualifications
- Global markets and technology strategy leadership (Apple Greater China; Wireless Technologies) .
- Recognized executive (Fortune 50 Most Powerful Women, 2021–2022) .
- Board skills matrix highlights technology, retail industry, senior leadership, and ESG oversight across directors; Mahe’s bio emphasizes innovation and product/technology strategy .
Equity Ownership
| As-of Date | Shares Beneficially Owned | % of Outstanding Shares | Notes |
|---|---|---|---|
| April 1, 2025 | 1,221 | ~0.0010% (1,221 / 120,545,559) | Included in management ownership table; no “right to acquire” within 60 days |
| June 11, 2025 (post-grant) | 1,855 | N/A | Updated Form 4 shows receipt of 634 shares restricted stock; vest 100% on earlier of June 11, 2026 or 2026 annual meeting; beneficially owned following transaction: 1,855 |
Estimated ownership value relative to guideline:
- Using $414.2 closing price on January 31, 2025, 1,221 shares ≈ $505,740, exceeding the $500,000 minimum (5x $100,000 retainer) as of that date .
Hedging/Pledging:
- Policy prohibits hedging and pledging; no pledging disclosures for directors in proxy .
Related-party transactions:
- None required to be disclosed under Item 404(a) for FY2024 .
Insider Trades
| Date | Transaction | Shares | Price | Vesting Terms | Beneficial Ownership After |
|---|---|---|---|---|---|
| June 11, 2025 | Restricted Stock Award (director grant) | 634 | $0 | 100% vest on earlier of June 11, 2026 or date of 2026 annual meeting | 1,855 (Direct) |
Governance Assessment
- Board effectiveness: Active service on two critical committees (CRSG and PCCC) with six meetings each in FY2024; independence affirmed; attendance at least 75% meets expectations .
- Alignment: Director pay mix combines cash and one-year RSUs; stock ownership guidelines are robust (5x retainer); as of 1/31/25 estimated holdings meet guideline threshold based on disclosed price .
- Conflicts: No related-party transactions disclosed; insider policy prohibits hedging/pledging; limits on outside activities set expectations for board service breadth .
- Compensation oversight quality: PCCC uses independent consultant WTW; committee concluded no material compensation risk; WTW engagement assessed as independent (no conflicts) .
- RED FLAGS: None observed—no attendance shortfalls disclosed; no related-party transactions; no pledging; director equity is time-based, not repriced; program prohibits hedging and tax gross-ups in change-in-control scenarios for executives, with clawback for executives (note: clawback pertains to executives, not directors) .