Lululemon, Chip Wilson proxy fight

Lululemon>>> is embroiled in a bitter proxy fight with its founder, Chip Wilson>>>, who owns 8.6% of the company. Lululemon>>> attempted to settle the dispute last week but balked at Chip Wilson>>>'s escalating demands, which included installing three directors of his choosing and requesting quarterly meetings with the incoming CEO. The company has publicly criticized Chip Wilson>>>'s 'outdated perspectives' and 'troubling conflicts of interest,' stating his actions are damaging to the brand. Chip Wilson>>>, who left the board in 2015, has criticized management for losing the company's 'cool' factor. Lululemon>>>'s shares are down 62% in the last 12 months due to design missteps and fading brand appeal. The company recently appointed Heidi O Neill>>> as CEO and added two new directors to revive growth and market share. Shareholders are set to vote on board members next month. Activist investor Elliott Investment Management>>> also holds a significant stake and has suggested NielsenIQ>>> for CEO.