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He may not be CEO or Chairman of the Board at Lululemon anymore, but founder Chip Wilson is still shaking things up in the company's boardroom. Wilson announced yesterday that he voted against the re-election of the current Chairman of the Board Michael Casey and fellow board member RoAnn Costin.
According to a press release, Wilson cited concerns over the quality and direction of the yoga brand as reasoning for the vote. "After being asked by the Board to come back from Australia to help the company recover from the product recall last year, I have decided to vote against the re-election of the company's outside Board members," said Wilson. "While I am excited about the new management team that I helped put in place, I am concerned that the Board is not aligned with the core values of product and innovation on which lululemon was founded and on which the company thrived." Bet that meeting didn't end with a namaste.
Update: Lululemon sent out an official statement in response to this morning's news: "Contrary to Mr. Wilson's assertions, lululemon's Board members are aligned with the Company's core values and possess the necessary expertise to successfully lead lululemon forward." The statement was released "in response to a press release issued by Chip Wilson" just in case any clarity was needed on who leaked information this morning. This is probably not going to end well.
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· Lululemon Shuffles Chip Wilson Offstage, Hires New CEO [Racked]