Lululemon strips its billionaire founder Chip Wilson of board appointment power by CarterCoudriet
has been at odds of late with Lululemon, the athletic apparel brand he founded in 1998. Most recently, he threw shade at the company in a 2018 book, saying he was “playing to win, while the directors of the company I founded were playing not to lose.” Now, Lululemon’s board says he has crossed a line.
Wilson, who served as CEO of Lululemon for eight years and then as chairman, left that job in 2013 but still owns over 9% of Lululemon's stock., Lululemon declared that Wilson’s right to appoint a board director has been terminated. According to the company, Wilson violated terms of a 2014 agreement that had granted him that right, “so long as he owned at least 8.0% of our common stock and did not take any contesting stockholder action.
The filing does not detail what specific action disqualified Wilson; Lululemon also notes that Wilson does not agree with the board’s conclusion. According to that Wilson signed, he could not attempt to influence others’ votes on company matters, make a stockholder proposal or participate in any contesting solicitation such as the removal of a director.Wilson’s board appointee, Kathryn Henry, will continue to serve on the board, but will no longer be his designee. Henry has been on Lululemon’s board since January 2016 and previously worked as the company’s chief information officer of logistics and development.
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