Chip Wilson votes to dump the chairman of lululemon athletica
The Vancouver founder of lululemon athletica has come out swinging against the company's governance.
In advance of today's annual general meeting at the Shangri-La Hotel in Vancouver, Chip Wilson has declared that he has voted against re-election of company chairman Michael Casey, a former executive at Starbucks.
Wilson also said in a statement that he's voted against the reelection of RoAnn Costin.
“I have found a palpable imbalance in board representation, which is heavily weighted towards short-term results at the expense of product, culture and brand and longer-term corporate goals," Wilson declared. "I believe this is impacting the company's prospects.”
Wilson still owns 27.5 percent of lululemon shares, which are trading at $44.34 this morning. That's down from a 52-week high of $77.75.
Last December, Wilson announced his resignation as chairman of lululemon. This came after he apologized for commenting that the company's yoga pants don't function as well with "some women's bodies".
Lululemon was founded in Vancouver on West 4th Avenue in 1998.