Lululemon Founder Warns CEO Candidates Board Needs Overhaul

Chip Wilson, the founder of Lululemon Athletica Inc. and one of the retailer’s top shareholders, is stepping up his campaign against the company’s board in the midst of its search for a new chief executive officer.

In an open letter cautioning potential candidates, Wilson criticized current management’s willingness to invest and reliance on heavy discounting. He warned that merely appointing a new CEO may not resolve Lululemon’s deeper problems.