Founder Chip Wilson, holding 8.6% stake, publicly opposes Lululemon’s appointment of former Nike exec Heidi O’Neill as CEO.
Wilson argues the board lacks brand‑product expertise and demanded an escrow deposit, hindering a successful turnaround.
Lululemon’s shares have fallen 47% in 12 months, with a 15% drop in five days after the CEO news.
Elliott Investment Management, a major shareholder, had suggested Jane Nielsen for CEO but did not comment on O’Neill’s selection.