Lululemon founder Chip Wilson is launching a proxy fight to revamp the company’s board as Lululemon searches for a new CEO. Wilson has nominated three candidates for the board. Despite his recent criticisms, Wilson is not seeking to return to the board. Lululemon CEO Calvin McDonald is stepping down in January amid a 45% stock decline. Pressure has been building for change as sales stagnate. Activist investors, including Elliott Investment Management, are advocating for new leadership. Wilson believes a new CEO should be chosen after the board is changed. Wilson founded Lululemon in Vancouver in the late 1990s, selling a majority stake in 2005. He has been involved in other retail ventures since leaving Lululemon’s board in 2015.

Read more at Yahoo Finance: Lululemon Founder Chip Wilson Launches Proxy Fight to Change Board