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Lululemon founder votes against directors

The founder of sportswear brand Lululemon, Chip Wilson, has voted against the re-election of the company’s outside board members.

Wilson, who owns 27% of the shares in the company, said he had no faith in the directors’ focus on product and innovation.

He said the board was weighted towards “short-term results at the expense of product, culture and brand and longer-term corporate goals”, insisting it should change in order to increase shareholder value.

One of the outside board members is Michael Casey, a former Starbucks executive. He was promoted to chairman of the board from lead director after Wilson announced his resignation as chairman to focus on other ventures in December 2013.

Another outside member of the board is Roann Costin, president of a private Boston-based equity company that focuses on investing in early consumer products and retailing companies.

Last year Wilson, who had been living in Australia, was asked by the company to return to the US to deal with a quality control issue that resulted in a product recall. 

He has also shaken up the internal management, appointing a new chief executive Laurent Potdevin, who joined from footwear brand Toms in January, and a new head of product quality Tara Poseley, who was president of Kmart Apparel.

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