Chip Wilson steps down from Lululemon board
The founder of Yoga-wear manufacturer Lululemon, Chip Wilson, is stepping down from the company’s board of directors.
Wilson said that the company is back on track after a few years of lackluster performance.
In a statement issued on Monday Wilson said:
“I am happy to say that I now believe the company has returned to the core values that made it great – product, brand and culture – and is back on track,”
Wilson founded the company in 1998 and was at the forefront of its growth to more than 250 stores worldwide. He stepped down from his position as chief innovation and branding officer in 2012 to take a sabbatical.
However, in 2013 he was asked to be back on the board to be in charge of the company again. He came back at a time when the company was facing numerous complaints about the quality of its products, with customers complaining about holes and seams coming apart.
“Upon returning from Australia, I saw that the company had lost its way and was driven by the wrong values. Trying to affect a fundamental shift in direction is hard and I had to raise a strong voice to make myself heard while taking decisive action to implement change,” said the statement.
Wilson was also subject to criticism after he said that the problem could be because of customers not wearing the right size clothing. In December 2013 he stepped down as chair and in August 2014 he sold nearly half of is shares in the company to Advent International for $845 million.
Wilson will now be spending more time helping his wife and son’s streetwear clothing brand Kit & Ace.
“I have achieved the goals I set when I came back, and after careful thought, I believe that now is the right time to step away from the board. I leave behind a new and talented management team and new board construct.”