Lululemon founder Chip Wilson is escalating his proxy fight against the company's board, specifically targeting private equity firm Advent International and its representatives, including board chair David Mussafer.
Wilson demands Advent's complete removal, citing "weak governance" and "strategic drift," exemplified by Advent's involvement with Olaplex, which has seen a significant stock price collapse. Wilson has nominated three directors with creative and brand-building backgrounds, contrasting them with the current board's perceived focus on financial metrics.
The article also notes that Elliott Investment Management is pursuing its own activist campaign, though without coordination with Wilson. Lululemon's board has defended its track record but acknowledged failed negotiations.
The ongoing CEO transition adds further pressure. The situation could lead to a settlement, a full proxy battle, or Advent's voluntary exit.
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