There’s unrest at the yoga studio.
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. holds its annual shareholder meeting today in Vancouver.
See More: Complete coverage of Lululemon
Wilson, who has been living in Australia, 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.
“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,” Wilson said.
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 “fully 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.
– With files from Canadian Press
© Shaw Media, 2014