Lululemon founder launches proxy fight to change board, WSJ reports

Lululemon (LULU) founder Chip Wilson is launching a proxy fight at the athletic-apparel retailer in an effort to remake the company’s board while Lululemon searches for a new chief executive, The Wall Street Journal’s Lauren Thomas. Wilson has nominated three director candidates to the company’s board, according to people familiar with the matter. Wilson isn’t trying to put himself back on the board, which might come as a surprise to some given his recent efforts to publicly target the company he started, the author notes. He remains Lululemon’s second-biggest shareholder, with a nearly 9% stake, according to FactSet.