Lululemon founder wages proxy battle to revamp board as struggling leggings retailer seeks new CEO

Lululemon Athletica’s founder has launched a proxy battle to revamp the struggling yoga clothing retailer’s board as the directors search for a new CEO.Chip Wilson, Lululemon’s second-largest shareholder with a 9% stake, has been an outspoken critic of the company’s leadership — describing the current board as “complacent” in the face of declining sales in the all-important North American market.He said Monday he is nominating three new directors – former On Running co-CEO Marc Maurer, ex-ESPN chief marketi ...