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Lululemon founder seeks board shakeup to bump failing share value

Canadian Press, The Canadian Press
0 Comments| June 11, 2014

VANCOUVER _ The founder of Lululemon yoga wear wants a shakeup among board members at the company he founded.

Chip Wilson voted against the re-election of two board members, saying a change is needed to increase shareholder value.

Lululemon Athletics Inc. (NASDAQ:LULU, Stock Forum) holds its annual shareholder meeting today in Vancouver.

The company has had to deal with the fallout from a style of yoga pants that had fabric which was sometimes see-through and a drop in its stock price.

Wilson says he voted against the re-election of former Starbucks executive Michael Casey and RoAnn Costin, president of a private U.S. equity company, adding the company's board is weighted towards short-term results at the expense of product, brand and long-term corporate goals.

He says his vote against the two directors sends a signal to the financial community that Lululemon must address the board member issue if the company is to recover.

Wilson founded the company in 1998, is a board member and holds a 27 per cent stake in the company.

He recently stepped down as chairman.

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