Chip Wilson resigns as director of lululemon athletica

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      Vancouver's highest-profile billionaire will no longer oversee the company that he turned into a global yogawear sensation.

      Chip Wilson announced in a statement this morning that he's stepping down from the board of directors of lululemon athletica.

      Wilson founded the company with an outlet on West 4th Avenue in 1998.

      It has since grown to more than 250 stores.

      Wilson is helping his son JJ and his wife Shannon with Kit & Ace, a Vancouver-based technical-wear company with stores in Gastown, Edmonton, Calgary, Saskatoon, Toronto, New York, and San Francisco.

      Last year, Wilson sold about half of his shareholdings in lululemon to Advent International for $845 million.

      As part of the deal, lululemon's board of directors increased from 10 to 12 members to give Advent more say in the governance of the company.

      JJ and Shannon Wilson are the founders of Kit & Ace.
      Kit & Ace