"Lululemon Athletica's founder Chip Wilson said on Monday he had launched a proxy fight by nominating three independent directors to the company's board, just over two weeks after the apparel maker announced the exit of CEO Calvin McDonald without a clear successor. Lululemon shares have shed nearly half their value this year as the company struggles to find its footing with younger and affluent shoppers, while battling stiff competition from fast-growing newer rivals such as Alo Yoga and Vuori,"
"When asked whether Wilson was teaming up with activist investor Elliott in pushing for the board change, a person familiar with Wilson's thinking said he was not working with any other investor. At the same time, Elliott's campaign for a new CEO would not interfere with his plans, the person added, asking not to be named. Wilson had spoken to Nielsen, but any CEO selected by the company before board changes would not have Wilson's support, the source said."
Chip Wilson launched a proxy fight at Lululemon by nominating three independent directors to the company's board, following the announced exit of CEO Calvin McDonald without a clear successor. Lululemon shares have lost nearly half their value this year as the company struggles to attract younger and affluent shoppers and faces competition from Alo Yoga, Vuori and pressure from activist investor Elliott Management. Wilson's nominees include Marc Maurer, Laura Gentile and Eric Hirshberg. The board appointed CFO Meghan Frank and Chief Commercial Officer André Maestrini as interim co-CEOs. A source said Wilson is not collaborating with Elliott, although he has spoken to Jane Nielsen.
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