Lululemon is seeking a new CEO due to a decline in U.S. sales, with the founder aiming to replace board members, potentially prolonging the search. The company’s struggle to stay relevant in the U.S. market has led to a 5% drop in comparable sales in the Americas.

CEO Calvin McDonald will step down at the end of January without a clear succession plan, as activist investor Elliot Management pushes for former Ralph Lauren executive Jane Nielsen to take the helm. Founder Chip Wilson is also seeking to replace board members over the lack of a succession plan.

Shares of Lululemon have fallen 58% from their all-time high, prompting a push for change in leadership and product development. Wilson and Elliot’s pressure on the board may lead to a better CEO choice, even if the process takes longer.

For long-term investors, the involvement of Wilson and Elliot could signal positive developments for Lululemon, potentially leading to a stock price recovery. The need for a CEO to shake up the company and create trends is evident, despite the complications in the search process.

Read more at Yahoo Finance: Lululemon’s CEO Search Just Got More Complicated