Lululemon (NASDAQ:LULU) is short one board member following the resignation of its own founder.
Chip Wilson announced Monday (February 2) he was leaving the board now that he believes “the company has returned to the core values that made it great.”
The Vancouver-based yogaware giant has had a rocky time with its founder in recent years.
In June, he urged shareholders to follow his example during Lululemon’s annual general meeting and vote against the re-election of board members Michael Casey, a former Starbucks executive, and RoAnn Costin, president of a Boston-based equity firm.
At the time, he said he believed Casey and Costin were not aligned with the company’s core values.
Wilson went on to announce in August he would sell half his stake in the company — or about 20 million shares.
In December 2013, Wilson stepped down as chairman but remained on the board after being criticized for saying women with certain body types should not wear his company’s yoga pants.
This came after the company was forced into a major product recall due to complaints over the sheerness of its yoga pants.
"I have achieved the goals I set when I came back, and after careful thought, I believe that now is the right time to step away from the board,” Wilson said in a statement.
“I leave behind a new and talented management team and new board construct.”
Wilson, who founded Lululemon in 1998, said he was looking forward to having an opportunity to work with his wife and son as they grow their street clothing business.