Former Lululemon CEO fights to shake up board
(CNN)– Lululemon founder and former CEO Chip Wilson is again slamming the struggling company, and launching a campaign to shake up its board.
Wilson, Lululemon’s second-largest shareholder announced Monday, Dec. 29, he nominated three new directors.
He isn’t nominating himself to the board, which he left in 2015.
The looming proxy fight comes a few weeks after Lululemon announced CEO Calvin McDonald is leaving ending a tumultuous seven-year stint.
The athleisure brand failed to keep up with competitors toward the end of McDonald’s tenure with the company’s stock losing more than 40% of its value this year.
