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Lululemon Sets Shareholder Vote After Rejecting Founder Proposals
Lululemon Athletica Inc. turned down founder Chip Wilson's request to add new board members and scheduled a shareholder vote for next month. The company provided no additional details on the proposals or the vote.
May 18, 7:53 AM·1m read1 source
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Lululemon Athletica Inc. rejected founder Chip Wilson's request to install new board members and scheduled a shareholder vote for next month. The company did not disclose the specific proposals or the reasons for the rejection. It also did not state what matters will appear on the ballot.
Wilson founded the athletic apparel company in 1998.
He stepped down as CEO in 2005 and left the board in 2015. The company has not indicated whether Wilson will pursue further action or whether additional shareholder proposals are expected.
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