Lululemon founder wants board shakeup to increase shareholder value

VANCOUVER – 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. (Nasdaq: LULU) holds its annual shareholder meeting today in Vancouver.

The company has had to deal with the fallout from a style of yoga pants that had fabric which was sometimes see-through and a drop in its stock price.

Wilson says he voted againstthe 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.

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 recover.