Michael Casey

Lululemon Athletica Inc. founder Chip Wilson will sell half his stake in the yogawear company to private equity firm Advent International for about $845 million. Wilson and Advent agreed to name David Mussafer and Steve Collins to the board of directors, effective as of the closing of the transaction, expanding the board to 12 members from 10, Lululemon said

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.

lululemon Athletica founder Dennis Wilson voted against the re-election of board members Michael Casey and RoAnn Costin, saying he found the board too heavily weighted toward short-term results. "I am concerned that the board is not aligned with the core values of product and innovation on which lululemon was founded," Wilson, who owns 27 percent of the the athletic-wear company, said in a statement. The yoga-clothing retailer has been working to regain shoppers' loyalty after it recalled one of its most popular

Athletic apparel maker lululemon athletica said Tuesday founder Chip Wilson will step down as chairman of the board, following his controversial statement about women's body types. The Vancouver-based company also announced that Laurent Potdevin will take over as CEO in January and join the board. Potdevin succeeds Christine Day, who announced in June that she planned to resign after her six-year tenure. Wilson, who was serving as nonexecutive chairman, plans to step down prior to the company's annual meeting in June 2014, and will be replaced by board member Michael Casey.