lululemon Founder Won’t Go Down Without a Fight
Over at lululemon, it looks like there’s a civil war brewing. On one side: Chip Wilson, the yoga retailer’s founder, largest shareholder (with a 27 percent stake in the company), former CEO and up until last month, chairman. On the other: the company’s current board, led by newly inducted chairman Michael Casey. Events came to a head two weeks ago when, just hours before the company’s annual shareholder’s meeting, Wilson announced that he was voting against the election of two outside board members (including Casey), citing concerns that the board was sacrificing long-term corporate goals for short-term results.