Chip Wilson, founder and major shareholder of lululemon athletica, criticizes the Board’s praise for CEO Calvin McDonald, citing massive value destruction. Urges urgent need for new, independent directors to lead CEO search.

In response, shares of lululemon athletica rise 9.6% to $205.23 in pre-market trade on Friday.

Read more at NASDAQ.: Lululemon Needs Infusion Of New Skills, Says Founder