The ongoing feud between Lululemon Athletica Inc. (NASDAQ:LULU) and its founder, Chip Wilson, has taken a public turn. The company has publicly criticized Wilson’s “outdated perspectives” and “troubling conflicts of interest” and announced June 25 as the date for its annual meeting.
Lululemon issued a letter to shareholders on Monday, its first public response to Wilson’s proxy battle that intensified last year. The letter criticizes Wilson’s attempts to regain influence over the company and warns that his nominees for the board are less qualified.
The athleisure company attempted to resolve the proxy contest with Wilson last week, offering to appoint two of his nominees after the annual meeting and create an advisory brand product council including Wilson’s third nominee. However, Wilson increased his demands, leading to the breakdown of settlement talks.
Lululemon is now urging shareholders to vote in favor of its strategy, incoming CEO Heidi O’Neill, and board nominees, arguing that they are “vastly superior” to Wilson’s picks. The company warns that electing any of Wilson’s nominees would significantly degrade the board’s experience and expertise.
data-variant=”card”
data-news-mode=”manual”
>
Read Also:
Tim Cook May Have Bought Nike Stock, But The Sneaker …
