Lululemon founder resigns from board


Lululemon yogawear

This is an archived article and the information in the article may be outdated. Please look at the time stamp on the story to see when it was last updated.

SAN DIEGO – Lululemon Athletica founder Chip Wilson confirmed he is stepping down as a board member of the yogawear retailer Monday.

Since 2013, Wilson feuded with the company’s management over their strategy arguing that they were straying away from their “core values,” Bloomberg News reported.

Lululemon’s stock is up more than 70 percent in the past six months. In August, Lululemon settled its dispute with Wilson.  The settlement included an agreement that Wilson would not pursue a buyout of the company for at least a year and to sell half of his stake to private-equity firm Advent International Corp. for about $845 million.

“I have achieved the goals I set when I came back,” he said in Monday’s statement. “After careful thought, I believe that now is the right time to step away from the board.”

Wilson founded Lululemon in 1998 and stepped down from day-to-day management in 2012.

Download Fox 5 iPhone app  |  Download Fox 5 Android app


Latest News

More News