Lululemon needs infusion of new skills, says founder
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Chip Wilson, Founder of Lululemon Athletica, and one of its largest shareholders, stated that the board's praise for Calvin McDonald, a CEO who has overseen massive value destruction over the past two years, shows blatant disregard for shareholders.
He also noted that this latest failure only amplifies the urgency the company faces and the obvious need for the CEO search to be led by new, independent directors with real experience.
"I know there are several qualified CEO candidates across the retail and apparel space. I hope the board continues this constructive dialogue with me to find refreshed, experienced directors ahead of completing a CEO search."
Shares of Lululemon Athletica are up 9.6 percent to 205.23 dollars in pre-market trade on Friday.