Chip Wilson
Lululemon founder Chip Wilson criticized the Canadian yogawear retailer’s board on Wednesday, calling for annual election of the entire board to make directors more accountable for the company’s performance. Wilson, who is the company’s largest shareholder with a 14.2 percent stake, said the board should be declassified to make it more effective and not staggered, where only some directors stand for election each year. Wilson said he was convinced that Lululemon did not have the right leadership to make changes necessary to “win in the current global, multi-channel and dynamic environment.” Wilson told CNBC that he could help as a consultant to the company if the board structure was changed, calling Lululemon his child. Lululemon declined to comment on the possibility. Lululemon has seen competitors like Under Armour and Nike force into its area of business Wilson has a way of saying things that h sometimes regrets, although he seems confident of his assessment now. Last year he had to apologize and step back for saying of Lululemon pants: “Frankly, some women’s bodies just don’t actually work [for the yoga pants],”
