Lululemon takes battle with Chip Wilson public, calls founder 'misguided' and 'outdated'
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- "Wilson, who stopped serving on the Board over a decade ago for well-documented reasons, has been attacking the company and the Board for many years, damaging the brand and hurting shareholders.
- "Your Board firmly believes that replacing any of lululemon's directors with Mr.
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The Vancouver-based athleticwear company is taking its battle with activist founder Chip Wilson public, writing in a letter to shareholders on Monday he has "outdated perspectives" and "troubling conflicts of interest" that will derail its turnaround plan, materials reviewed by CNBC show.
The letter, Lululemon's first major public response to Wilson since his proxy battle ramped up late last year, comes after settlement talks with the retailer's founder fell apart last week, materials reviewed by CNBC show. The missive lays out why the company's strategy, its incoming CEO Heidi O'Neill and board nominees are ultimately best for shareholders as it urged them to vote in its favor and set June 25 as the date for its long-awaited annual meeting.