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What's behind Chip Wilson's proxy war with Lululemon
Lululemon founder Chip Wilson, the company’s largest non-institutional shareholder, is engaged in a public proxy war to reshape the board of directors, citing concerns about the company’s strategic direction and performance. Wilson has nominated three independent candidates for the upcoming annual general meeting and advocates for a declassified board structure. This shareholder activism comes as Lululemon faces slowing sales in the U.S. and increased competition, leading to a significant drop in its share price.