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Lululemon's founder, former CEO and former Chairman of the Board, Chip Wilson, continues to shake things up using the only power he has left: Connections at Goldman Sachs, which helped him take the company public in 2007. According to a Wall Street Journal informant, Wilson is deciding whether or not to gain board seats—and therefore influence—through a proxy fight, or aim for a buyout by partnering with a private-equity firm. His final option would be sell his shares and wash his hands of the athleticwear company.
News of Wilson's cross-roads comes after he used his 28% stake to vote against the re-election of the current Chairman of the Board Michael Casey and fellow board member RoAnn Costin. Both were re-elected anyway, but the non-zen dissatisfaction made Wilson's desire to shake things up at the company clear. And so continues the summer of former CEOs making a play for their former companies.
· Lululemon Founder Fights for Company Control [WSJ]
· Lululemon's Founder Tries to Oust Fellow Board Members [Racked]