June 1 (Reuters) - Lululemon Athletica Inc's LULU.O
founder Chip Wilson called for annual election of the Canadian
yogawear retailer's board to hold members accountable for the
company's performance.
Wilson, in a letter to shareholders on Wednesday, said that
a declassification of the board would make more responsive to
shareholders as opposed to a staggered board, which results "in
entrenched directors and management."
Wilson, the company's largest shareholder, said he was not
convinced that Lululemon had the right leadership to make
changes necessary to "win in the current global, multi-channel
and dynamic environment."
The company's shares were up 1.4 percent at $65.94 in
afternoon trading.