Lululemon’s board tears up peace plan with rebel founder
Lululemon's board has publicly severed ties with founder Chip Wilson, escalating tensions within the company. The board had previously considered a peace agreement with Wilson, who is the largest single shareholder, but negotiations fell apart due to his new demands. This conflict comes amid significant stock declines and criticism over product quality, particularly regarding sheer yoga tights.
- ▪Lululemon's board declared open war on founder Chip Wilson after negotiations for a peace agreement failed.
- ▪Wilson has been critical of the company for over a decade, and recent product issues have reignited tensions.
- ▪The board had contemplated allowing Wilson to nominate three board members in exchange for his support, but lost confidence in his commitment.
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Excerpt limited to ~120 words for fair-use compliance. The full article is at The Sydney Morning Herald.