Lululemon founder says board’s response to his suggestions ‘weak and insufficient’
BNN Bloomberg
The founder of Lululemon Athletica Inc. is continuing to pressure the retailer to shake up its board and processes after he says it responded to his suggestions in a “weak and insufficient” way.
In a letter sent to Lululemon shareholders Friday, Chip Wilson said it took the company’s board 70 days to address three board nominations and several other suggestions he made in December.
The response “does not reflect serious engagement toward resolving Lululemon’s challenges,” Wilson said.
Rather than heed his suggestions, he alleged the board only expressed openness to making some unspecified director changes over several years and dismissed his idea to create a brand product committee.
Lululemon pushed back on Wilson’s assertions Friday. It said in a news release that it has continued to engage with him in “good faith” over the past few months, including through numerous meetings, and disagrees with his characterization of his interactions with the board.
Lululemon said it has repeatedly asked to interview Wilson’s director nominees but alleged he would not allow that to happen unless the board agreed to a full set of settlement terms, which the retailer did not outline.
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