New York —
Lululemon has publicly rejected founder Chip Wilson’s ideas to fix the struggling athleisure brand, which includes an overhaul of its board, with some strongly worded criticisms of its former leader.
Wilson, who is also the company’s second largest shareholder, launched his latest salvo last December in his campaign against the company’s management. He nominated three new directors for Lululemon’s board, including executives from ESPN and Activision Blizzard, saying they were needed to “redefine Lululemon.”
In a letter to shareholders, Lululemon on Monday rejected Wilson’s nominations for the company’s board, saying that voting for them would “endorse his misguided perspectives” and accusing him of attempting to “regain increased influence” over the brand he left more than a decade ago.
“Mr. Wilson has shown that he does not have a full understanding of the business today or the brand’s future potential and remains intractably focused on the past,” Lululemon said. “His vision for Lululemon appears to be frozen in time, viewing Lululemon through the lens of a founder who has been outside the boardroom for over a decade and away from any operating responsibility within the company for nearly 15 years.”
