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00:03Lululemon Athletica founder Chip Wilson is launching a proxy fight
00:06to reshape the company's board as the retailer searches for a new chief executive,
00:11according to the Wall Street Journal. Wilson nominated three director candidates,
00:16former on-running co-CEO Mark Moore, former ESPN chief marketing officer Laura Gentile,
00:22and former Activision CEO Eric Hirschberg. Wilson holds nearly a 9% stake and is the
00:28second largest shareholder, according to FactSet. He is not seeking a board seat.
00:33Lululemon said earlier this month that CEO Calvin McDonald will step down in January.
00:38The stock is down 45% this year. Sales have stagnated in the U.S.'s rivals,
00:43including Alo Yoga and Vori, gain share. Elliott Investment Management has built a stake of more
00:49than $1 billion and is pushing former Ralph Lauren executive Jane Nielsen as CEO.
00:54For all things money, visit Benzinga.com.
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